Ghana's oil production continues its four-year downward slump

This downturn is primarily attributed to insufficient investment in exploring new fields and the natural ageing of existing ones, resulting in a diminishing supply, according to the 2023 Annual Report on Management and Use of Petroleum Revenue by Ghana’s Public Interest Accountability Committee, crude oil production witnessed a significant decrease of 6.78% in 2023 alone, representing an average annual decline of 9.2% over the past four years.

This reduction in production marked the fourth consecutive year of dwindling annual output volumes since 2010. In specific figures, Ghana produced 48,247,036.61 barrels of oil in 2023, a notable decline from 51,756,481 barrels in 2022, the report indicated.

This downward trend commenced after the peak production year of 2019, which saw a total of 71,439,585 barrels. Subsequent years witnessed declines to 66,926,806 barrels in 2020, 55,050,391 barrels in 2021, and 51,756,481 barrels in 2022, local media Graphic Online reported.  

Ghana's crude oil is predominantly sourced from three main fields: Jubilee, TEN, and Sankofa Gye-Nyame (SGN). Jubilee Field, operational since December 2010, has historically been the largest contributor to production. 

However, according to the report, in 2023, it accounted for 63% of total crude oil production, yielding 30,444,217 barrels. SGN and TEN fields contributed 23% (11,086,541.61 barrels) and 14% (6,716,278 barrels) respectively.

In contrast, the report disclosed a slight increase in gas production. Reporting a total of 255,171.97 million standard cubic feet (MMSCF) of raw gas in 2023, comprising both Associated Gas (AG) and Non-Associated Gas (NAG) was produced, reflecting a modest increase of 0.64% from 253,555.05 MMSCF in 2022.