Ghana’s petroleum revenue increased by 52% to US$561.41 million in the first half of 2026, up from 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 increase in oil production.
PIAC’s 2026 Semi-Annual Report revealed that Ghana achieved an average crude oil price of US$92.81 per barrel, approximately 22% above the government’s benchmark of US$76.22. The higher prices contributed to a 37% increase in Corporate Income Tax collections.
Ghana Records Higher Crude Oil and Gas Production
Crude oil production from Ghana’s three major producing fields increased from 18.42 million barrels in the first half of 2025 to 20.58 million barrels during the corresponding period in 2026, representing an increase of 11.7%.
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. Ghana’s cumulative crude oil production reached approximately 714.56 million barrels by the end of June 2026.
Natural gas production also rose by 4.4% to 136,151.09 million standard cubic feet, supported by increased output from the SGN Field.
Ghana also recorded a significant reduction in gas flaring. Flaring declined by 74.02% at Jubilee, 40.79% at TEN and 79.73% at SGN compared with the first half of 2025.
PIAC Highlights Petroleum Revenue Challenges
Despite the increase in petroleum revenue, PIAC warned that Ghana’s oil income remains vulnerable to fluctuations in international crude oil prices and the timing of crude oil liftings.
The report identified approximately US$2.41 million in outstanding surface rental payments as of June 2026, excluding another US$1.73 million owed under terminated petroleum agreements.
PIAC also highlighted unresolved discussions involving the Ghana Revenue Authority, Ghana National Petroleum Corporation, Ministry of Energy and Green Transition, and international oil companies regarding payments of Additional Oil Entitlement.
Ghana Needs More Investment in the Petroleum Sector
PIAC has called for sustained investment in Ghana’s maturing oil and gas industry to protect production levels and maintain petroleum revenue growth.
The Committee noted that limited new exploration and development activities could affect the sector’s long-term prospects. It therefore emphasised the importance of investing in existing oil fields, developing new discoveries and attracting fresh investment into upstream petroleum operations.
The report underscores the need for Ghana to strengthen petroleum sector investment, improve revenue collection and manage oil resources sustainably to support economic growth.
Source: newsthemegh.com