• Ghana has recorded 27 million worth of crude oil in the first half of 2021
• This is according to PIAC’s 2021 semi-annual report
• The was achieved from three of the country’s offshore fields
The Public Interest and Accountability Committee has revealed Ghana produced a total of 27,767,859.00 barrels worth of crude oil in the first half of 2021.
According to a 2021 Semi-Annual report, the figure was achieved from the country’s three offshore producing fields, Jubilee, TEN, and SGN.
“This represents an 18.9 percent reduction from the first half of 2020 production volume of 34,236,596.97 barrels and the second consecutive reduction in year-on-year crude oil production volumes since inception,” the report noted.
PIAC also said the reduction from the first half of 2020 was based on all the three producing fields, recording a decline of 17, 27.9 and 13.2 percent on the Jubilee, TEN and SGN Fields respectively.
“Jubilee production declined from 15,406,903 barrels in the first half (H1) of 2020 to 12,781,327 in H1 2021 (17%). Average daily production in the Jubilee Field in H1 2021 was 70,615 barrels compared to 84,723 barrels in H1 2020, representing a decrease of 16.65 percent.”
The petroleum revenue watchdog also noted that in January 2021, Ghana recorded the highest monthly oil production volume of 2,255,226 barrels while in February 2021, the country recorded the least monthly output of 1,975,758 barrels.
For the TEN oil field, PIAC noted production declined from 9,266,872 barrels in H1 2020 to 6,684,265 barrels in H1 2021 (27.9%).
“The average daily production of 36,930 barrels in the TEN Field in H1 2021, was a 27.5 percent reduction compared to the 50,916 barrels in H1 2020. SGN production declined from 9,562,822.00 barrels in H1 2020 to 8,302,267.00bbls in H1 2021 (13.2%). Average daily production reduced from 52,543 barrels to 45,875 barrels during the period (12.69%),” it explained.