Latest news with #PublicInterestandAccountabilityCommittee
Business Insider
15-05-2025
- Business
- Business Insider
Ghana's Mahama courts oil investors, pushes for aggressive crude oil extraction
Ghana is urging investors to help boost oil production as the global push for decarbonization threatens to leave fossil fuel assets stranded. Ghana is encouraging increased oil production amidst global emphasis on decarbonization. President John Mahama highlighted the decline in oil output and the need for renewed investment during the Africa CEO Forum. Despite calls for expanding oil drilling, Ghana continues to uphold commitments to clean energy targets. Ghana is urging investors to help boost oil production as the global push for decarbonization threatens to leave fossil fuel assets stranded. President John Mahama made the appeal during the Africa CEO Forum held on Tuesday in Abidjan, Ivory Coast. 'Oil is in transition and so anybody who has any assets should be pumping like there's no tomorrow,' he said, signalling Ghana's readiness to welcome investors with open arms. 'We're rolling out the red carpet for anyone ready to drill.' Oil output declines Ghana's oil production has declined steadily over the last five years, largely due to limited investment in new exploration and field development. According to the Public Interest and Accountability Committee (PIAC), Ghana's oil output fell to 48.3 million barrels in 2024, slightly below the 48.2 million barrels produced in 2023, and well down from a peak of 71.4 million barrels in 2019. Mahama attributed the decline in output to regulatory uncertainty, which he said drove some major players away. 'ENI was held in contempt and they had to move all their expatriate management to Cote d'Ivoire,' he noted, adding that now the company was 'back and they are drilling again'. Mahama's call to action echoes a growing sentiment among oil-producing nations, including recent appeals by U.S. leaders for increased domestic output. OPEC, too, has raised production levels, contributing to a roughly 13% drop in Brent crude prices this year, now hovering around $65.3 per barrel, per Bloomberg. Elected in December, Mahama has pledged to revive Ghana's struggling economy, which is still reeling from a debt crisis and rising cost of living. Reflecting on past government priorities, he said, 'The environment got a bit toxic. The government did not seem to prioritise the sector.'
eNCA
14-05-2025
- Business
- eNCA
Ghana president tells firms to pump oil 'like there's no tomorrow'
ABIDJAN - Ghana's President John Mahama urged global firms to ramp up crude oil production in the West African nation before the global shift to renewable energy renders the resource worthless. He warned that Ghana risks seeing its oil resources stuck in the ground if drilling is not fast-tracked while demand still exists. Many countries have pledged to reduce their use of oil and gas to meet international targets for reducing carbon emissions that drive deadly climate change. "Oil is in transition. Everybody who has any assets should be pumping like there's no tomorrow," Mahama told the Africa CEO Forum in Abidjan, Ivory Coast. "I will lay a red carpet to anybody who wants to drill and pump oil because in the next decade or two, the world will have made a transition to renewables." Mahama, who took office in January, accused the previous government of Nana Akufo-Addo of stalling oil exploration through regulatory bottlenecks and disputes with key investors such as British-based company Tullow and ENI of Italy. He said the sector suffered "a lot of disinvestment" as the previous government had "squabbles" with Tullow. Ghana's petroleum sector has seen a steady decline in output, according to the statutory body that monitors petroleum revenues in Ghana, the Public Interest and Accountability Committee. It said crude oil production dropped to 48.25 million barrels in 2023 from 71.44 million in 2019 largely due to reduced investment in new wells. Mahama blamed regulatory uncertainty for the exodus of some key players. "ENI was held in contempt and they had to move all their expatriate management to Cote d'Ivoire," he noted, adding that now the company was "back and they are drilling again". Ghana's major offshore oil assets include the Jubilee Field, operated by Tullow Oil, as well as the TEN and Sankofa fields, with players including Kosmos Energy, PetroSA, and the state-owned GNPC. While calling for aggressive oil drilling, Mahama stressed Ghana must not abandon its clean energy goals.
Business Insider
02-05-2025
- Business
- Business Insider
Ghana's oil production falls for fifth consecutive year, according to PIAC report
Ghana narrowly missed matching its 2023 crude oil production levels, recording a marginal shortfall of just 0.01%, equivalent to 7,000 barrels. By the end of 2024, total crude oil output stood at 48,240,010 barrels, slightly below the 48,247,037 barrels produced in 2023. Ghana nearly matched its 2023 crude oil production, with a marginal shortfall of just 0.01% Total crude oil output by the end of 2024 was 48,240,010 barrels, slightly below the 2023 production of 48,247,037 barrels PIAC's 2024 Annual Report highlighted concerns about the declining production from the TEN Field The 2024 figure marks the closest Ghana has come to reversing the downward trend in annual oil production since 2019. PIAC releases 14th Annual Report on Petroleum revenue use This information was revealed in the 2024 Annual Report on the Use and Management of Petroleum Revenue, published by the Public Interest and Accountability Committee (PIAC). The report—PIAC's 14th annual and 27th statutory submission—was officially launched on Tuesday, 29 April 2025. Presenting highlights of the report, PIAC Chairman Mr Constantine Kudzedzi disclosed that the Jubilee Field contributed the largest share of production, accounting for 66% of Ghana's total output. The Sankofa Gye-Nyame (SGN) and Tweneboa-Enyenra-Ntomme (TEN) fields accounted for 20% and 14% respectively. PIAC expressed concerns about the continued decline in production from the TEN Field, describing the field's output as the lowest among the three producing sites. The committee urged the government to undertake both technical and cost audits to determine the root causes of the declining performance. 'The TEN Field turned out the lowest production among the three producing fields, with substantially high production and development cost trends raising concerns about the viability of the field,' the report noted. Ghana Group contributes $89.44 Million in oil lifting The report further indicated that the Ghana Group contributed approximately $89.44 million in petroleum revenue through a total lifting of $73.91 million in 2024. This performance reflects ongoing challenges in optimising returns from Ghana's petroleum sector amid rising operational costs.
Business Insider
30-04-2025
- Business
- Business Insider
Ghana's petroleum revenue climbs to $1.35 billion in 2024 despite output decline
Ghana's total petroleum revenue rose to US$1.35 billion in 2024, reflecting a 27.8% increase from the US$1.06 billion recorded in 2023. This is according to the 2024 Annual Report released by the Public Interest and Accountability Committee (PIAC). Ghana's petroleum revenue reaches US$1.35 billion in 2024, a 27.8% increase from 2023 Annual report highlights drop in crude oil output for the fifth consecutive year PIAC urges government to attract new capital into the upstream oil sector to mitigate production decline This figure represents the second-highest annual petroleum revenue since Ghana commenced commercial oil production in 2011, with the highest being US$1.42 billion in 2022. Rising prices offset falling production According to PIAC, the revenue surge was largely driven by favourable international crude oil prices, which helped to cushion the continued decline in oil production. Ghana's crude oil output dropped for the fifth consecutive year, reaching 48.25 million barrels in 2024, down from a high of 71.44 million barrels in 2019. The report noted a marginal year-on-year production decline of 0.01%, with an average annual drop of 7.4% over the past five years. PIAC expressed concern over the sustained drop in production levels, warning that it poses long-term risks to Ghana's petroleum revenue potential. The Committee urged the government to prioritise attracting new capital into the upstream oil sector. 'Parliament should ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments in Ghana's upstream petroleum industry,' the report recommended. Now in its 14th edition, the PIAC Annual Report covers the performance of Ghana's petroleum sector from January to December 2024. It includes detailed assessments of production volumes, crude liftings, revenue collection and allocation, as well as utilisation of petroleum funds.
