The Public Interest and Accountability Committee, (PIAC) has made a proposal to government to institute measures to invite new investors to explore potential oil fields across the country.
This is to support the country to maximize benefits from the oil and gas sector. The call follows persistent decline of crude oil production in the various oil fields which are reported to be in their weak stages and struggling to increase output.
Presenting the 2025 PIAC report on oil and gas proceeds, Chairman of the Committee, Richard Ellimah revealed that 2025 recorded the highest drop in crude oil production since Ghana begun production.
Receipt from crude oil liftings for Ghana Group declined by 50.58 percent from 843.522 billion dollars in 2024 to 416.878 billion dollars in 2025.
There was no inflow from the TEN field due to delayed realization of the 25th lifting, which was the only lifting during the period.
“Total petroleum receipts for 2025 amounted to 770.2 billion dollars representing a 43.27 percent decline compared to 1.35 billion in 2024.
“We as a body as part of our mandate gave a proposal to government to take steps to invite some other investors to explore other fields and push in more investment so that we don’t only rely on the current fields which are reducing in production,” he said.
The decline is largely attributed to lower realized prices across the producing field.
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Source:
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