Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report.
A total of 25.3 billion cubic feet (bcf) of natural gas worth about $169 million was lost in the upstream petroleum sector through flaring.
Ghana lost $300m worth of natural gas in the upstream petroleum sector through flaring, the 2022 Annual Public Interest Accountability
Committee (PIAC) Report on Management and
Use of Petroleum Revenue has revealed.
The Public Interest and Accountability Committee (PIAC) has entreated the government to speed up the sustainable development of petroleum resources to reverse the decline in the production of petroleum products.
The total revenue from royalties for the three oil fields in Ghana was US$302,954,860.69 in 2022 compared to US$185,683,636.46 in 2021, representing 63.2 per cent increase, the 2022 annual report of the Public Interest Accountability Committee (PIAC) had noted.
Public Interest and Accountability Committee’s (PIAC) report on the field for the year 2022 has revealed that Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, the highest
since the inception of oil production in the country.
The Vice Chairman of the Public Interest and Accountability Committee (PIAC), Nasir Alfa Mohammed, has said the existence of the committee has impacted positively on petroleum revenue management (PRM) in the country in the past 11 years.
The DACF has received more than GH¢32,380,403.91 from the ABFA in 2021 following a 2019 decision of the Supreme Court in the case of Kpodo vs The Attorney-General.
A report from the Public Interest and Accountability Committee’s Annual Report on the management and use of Petroleum revenues for the period of 2018 revealed about 99 percent of oil cash was usedfor the payment of school fees in respect of the government’s FreeSHS.
The Public Interest and Accountability Committee (PIAC) noted in2019, that the Ministry of Finance, Tema Oil Refinery, Bulk OilStorage Transport, and Ghana Gas owed the Ghana NationalPetroleum Commission GH¢1,318,393,339.