Ghana’s petroleum revenue increased by 52% to US$561.41 million in the first half of 2026, compared with US$370.34 million recorded during the same period in 2025, according to the Public Interest and Accountability Committee (PIAC).
The growth was driven by higher crude oil prices and an 11.7% increase in oil production, strengthening government revenue from Ghana’s petroleum industry.
In its 2026 Semi-Annual Report, PIAC explained that higher crude oil prices contributed to a 37% increase in Corporate Income Tax collections. Ghana’s crude oil achieved an average price of US$92.81 per barrel, approximately 22% above the government’s benchmark of US$76.22 per barrel.
Ghana’s Crude Oil Production Increases
Crude oil production from Ghana’s three producing fields rose from 18.42 million barrels in the first half of 2025 to 20.58 million barrels during the corresponding period in 2026.
The Jubilee Field led production with 12.82 million barrels, followed by the SGN Field with 5.07 million barrels and the TEN Field with 2.68 million barrels.
Cumulative crude oil production since commercial operations began reached approximately 714.56 million barrels by the end of June 2026.
Natural gas production also increased by 4.4% to 136,151.09 million standard cubic feet, supported by higher output from the SGN Field, which offset declines in the Jubilee and TEN fields.
Petroleum Gas Flaring Declines Significantly
Ghana recorded substantial reductions in gas flaring across its major oil fields during the first half of 2026.
According to PIAC, gas flaring declined by 74.02% at Jubilee, 40.79% at TEN and 79.73% at SGN compared with the same period in 2025.
The reductions represent progress in managing petroleum resources and limiting the waste of associated natural gas.
PIAC Raises Concerns Over Outstanding Payments
Despite the increase in petroleum revenue, PIAC warned that Ghana’s oil income remains vulnerable to fluctuations in international crude oil prices and changes in the timing of oil liftings.
The report also identified approximately US$2.41 million in outstanding surface rental payments as of June 30, 2026. An additional US$1.73 million remains outstanding under terminated petroleum agreements.
PIAC further highlighted unresolved discussions involving the Ghana Revenue Authority, Ghana National Petroleum Corporation, the Ministry of Energy and Green Transition, and international oil companies over payments relating to Additional Oil Entitlement.
Investment Needed to Sustain Ghana’s Oil Revenue
PIAC has called for sustained investment in Ghana’s maturing petroleum industry to protect future production levels and government revenue.
The Committee noted that limited new exploration and development activities make investment in existing oil fields, the development of discovered resources and efforts to attract new upstream petroleum investors increasingly important.
Maintaining production growth will be critical to sustaining petroleum revenue, supporting Ghana’s economy and ensuring that the country continues to benefit from its oil and gas resources.
Source: newsthemegh.com