Ghana’s oil production declines for the third consecutive year – PIAC

Ghana has for the third consecutive year seen a decline in crude oil production, the 2022 Public Interest and Accountability Committee’s (PIAC) annual report has revealed.

71,439,585 barrels were produced in 2019 but declined to 66,926,806 barrels in 2020 representing a 6.32 percent drop.

It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%) an average decline over the three years of 10 percent.

Addressing members of IFEJ, PIAC media, and the Parliamentary Press Corp on the 2022 PIAC annual report in Keta, the Vice Chairman of PIAC Nasir Alfa Mohammed indicated that there is a need for Ghana to speed up the sustainable development of its Petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects.

“For three consecutive years, crude oil production has been declining for three consecutive years…So the average decline over the three-year period is 10 percent.

“Total petroleum for 2022 is the highest since the inception of petroleum production with a figure of 1.4 billion dollars,” Mr. Alfa said.