Source: newsthemegh.com
Ghana’s production of crude oil has decreased for four years running, as stated in the Public Interest and Accountability Committee’s 2023 Annual Report (PIAC).
According to the analysis, there will be a 9.2% annual average reduction from 71.44 million barrels in 2019 to 48.25 million barrels in 2023.
The study also noted that for the second year in a row, the earnings from liftings by Jubilee Oil Holdings Limited (JOHL), which totaled $70.5 million in 2023, were not placed into the Petroleum Holding Fund (PHF).
As a result, as of the end of 2023, JOHL owed the PHF a total of $343.1 million in unpaid revenue.
Concerned about the ongoing drop in oil output, PIAC has urged the government and regulatory agencies to intervene to halt the trend and promote investment in uncharted territory.
The committee also restated the requirement that funds from JOHL and other GNPC subsidiaries be deposited into the PHF because they are considered petroleum revenues under the terms of the Petroleum Revenue Management Act, 2011 (Act 815) and its 2015 amendment (Act 893).