Ghana’s upstream petroleum industry has recorded another year of stagnation in attracting fresh investments, with the Public Interest and Accountability Committee (PIAC) confirming that no new Petroleum Agreements were signed in 2024. This marks the fifth consecutive year of inactivity in upstream deal-making, despite ongoing efforts by the Ministry of Energy to court investors.
The 2024 PIAC Annual Report, released this week, highlights a concerning trend for Ghana’s oil ambitions. Since 2018, there has been a consistent failure to secure new exploration and production deals, casting a shadow over the country’s energy future.
“Crude oil production has also continued its downward trajectory, falling from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024,” the report stated. This represents a marginal year-on-year decline of 0.01%, but more worryingly, a steep average annual decline of 7.4% over the five-year period.
PIAC is urging Parliament to take a more proactive role in holding the Ministry of Energy and its agencies accountable, calling for renewed and intensified efforts to reverse the investment drought. The committee emphasizes the need for strategic reforms and targeted investor engagement to unlock Ghana’s upstream potential.
The report, which consolidates data from key industry players, also reconciles hydrocarbon-related revenues and expenditures as mandated under the Petroleum Revenue Management Act
