Ghana’s oil production falls for fifth consecutive year, according to PIAC report

Ghana narrowly missed matching its 2023 crude oil production levels, recording a marginal shortfall of just 0.01%, equivalent to 7,000 barrels. By the end of 2024, total crude oil output stood at 48,240,010 barrels, slightly below the 48,247,037 barrels produced in 2023.

• Ghana nearly matched its 2023 crude oil production, with a marginal shortfall of just 0.01%
• Total crude oil output by the end of 2024 was 48,240,010 barrels, slightly below the 2023 production of 48,247,037 barrels
• PIAC's 2024 Annual Report highlighted concerns about the declining production from the TEN Field

The 2024 figure marks the closest Ghana has come to reversing the downward trend in annual oil production since 2019.

PIAC releases 14th Annual Report on Petroleum revenue use

This information was revealed in the 2024 Annual Report on the Use and Management of Petroleum Revenue, published by the Public Interest and Accountability Committee (PIAC). The report—PIAC's 14th annual and 27th statutory submission—was officially launched on Tuesday, 29 April 2025.

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Presenting highlights of the report, PIAC Chairman Mr Constantine Kudzedzi disclosed that the Jubilee Field contributed the largest share of production, accounting for 66% of Ghana's total output. The Sankofa Gye-Nyame (SGN) and Tweneboa-Enyenra-Ntomme (TEN) fields accounted for 20% and 14% respectively.

PIAC expressed concerns about the continued decline in production from the TEN Field, describing the field’s output as the lowest among the three producing sites. The committee urged the government to undertake both technical and cost audits to determine the root causes of the declining performance.

“The TEN Field turned out the lowest production among the three producing fields, with substantially high production and development cost trends raising concerns about the viability of the field,” the report noted.

Ghana Group contributes $89.44 Million in oil lifting

The report further indicated that the Ghana Group contributed approximately $89.44 million in petroleum revenue through a total lifting of $73.91 million in 2024. This performance reflects ongoing challenges in optimising returns from Ghana’s petroleum sector amid rising operational costs.

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Despite efforts by the Ministry of Energy to court new investors into the upstream petroleum sector, the report revealed that no new petroleum agreements were signed in 2024. This marks the sixth year in a row without fresh exploration or production contracts.

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