The country’s Petroleum Holding Fund (PHF) received deposits totaling US$840.8 million in petroleum receipts for the first half of 2024, marking a 55.6% increase from the US$540.5 million collected during the same period in 2023, according to a report by the Public Interest and Accountability Committee (PIAC).
This is the highest semi-annual revenue since the country began recording petroleum income in 2011, with cumulative revenues now reaching US$10.69 billion.
The increase in receipts for the first half of 2024 came from multiple sources, including corporate taxes, surface rentals, crude oil liftings, PHF interest, and other income.
Ghana’s crude oil production for the period reached 24.86 million barrels, a 10.7% increase from the 22.45 million barrels produced in H1 2023, across its three offshore fields—Jubilee, Tweneboa-Enyenra-Ntomme (TEN), and Sankofa Gye-Nyame (SGN).
PIAC attributes the overall increase largely to higher production at the Jubilee field. Production at the Jubilee field rose by 25.1%, reaching 16.41 million barrels in H1 2024, up from 13.11 million barrels during the same period in 2023. Daily production on the field averaged 90,137 barrels, with March marking the highest monthly output due to new well activity, while June saw a drop attributed to facility issues.
In contrast, output from the TEN field declined by 4.8% to 3.45 million barrels, with average daily production falling to 18,958 barrels. The report cited flow assurance issues and underperformance in certain wells as contributing factors.
SGN field production also saw a decline of 12.4% to 5.00 million barrels, with daily averages dropping to 27,484 barrels due to facility upsets and unplanned maintenance activities.
Since Ghana’s first oil in December 2010, total crude oil production has reached 633.3 million barrels as of June 2024.
