Ghana earns $1.43bn as oil revenue in 2022 – PIAC

 

Ghana earned in excess of $1.42 billion from the production of crude oil in 2022, despite a marginal decline of production for the year, the 2022 Public Interest and Accountability Committee (PIAC) Annual Report has revealed.

This is the highest annual revenue recorded since it begun production of oil in 2011.

In 2021, the country earned 783.3 million.

According to the data from PIAC, the nation cumulatively bagged $8.79 billion from production of oil including taxes and other interest payments from the three major oil fields, namely Jubilee, Sankofa as well as Tweneboa, Enyenra and Ntomme field.

Crude oil production fell marginally to 51,756, 481 barrels in 2022, from 55,050,391 barrels in 2021.

The drop in crude oil production, the report, attributed to some technical challenges encountered on the field reported by the partners.

Oil production decreases by 10% in last 3 years

The report also indicated that there has been an average decline of about 10% in the production since the last three years partly attributed to the Covid-19 pandemic and other geopolitical concerns.

It also stressed that there has been an increase in the arrears for the surface rental payment from some international oil firms especially those whose contracts have been terminated.

Surface rental arrears continue to rise as it increased to $2.77 million in 2022, about 65% increases over the previous year.