Ghana Earned its Highest Petroleum Revenue in 2022, Despite a Persistent Output Decline

Total petroleum revenue accruing to Ghana in 2022 was the highest for a single year since inception of petroleum production in the country, with a figure of $1.43Billion.

The surge in earnings is in spite of continuing declining of crude oil production for three consecutive years, according to the 2022 annual report by Public Interest Accountability Committee (PIAC).

The 2022 production figure represents the third consecutive year of reduction in annual production volumes since 2010. In 2019, the PIAC explains in the report.

A volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32% drop. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%). The average decline over the three-year period stood at 10%.

The report laments that Surface Rental Arrears continue to rise. It increased from $2.58Million in 2021 to $2.77Million in 2022, 65% ($1.80Million) of which is owed by four (4) contractors whose Petroleum Agreements were terminated in 2021. Efforts made by the Ghana Revenue Authority to retrieve the arrears are yet to yield the desired results.


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