Ghana’s petroleum sector has witnessed a substantial upturn in the first half of 2024, with crude oil production and revenue both significantly outpacing last year’s figures.

The Public Interest and Accountability Committee (PIAC) has reported a 55.6% increase in oil revenue compared to the same period in 2023, driven by a rise in production, which climbed by over 10%. The country’s earnings from petroleum reached $840.7 million in the first half of 2024, a marked increase from $540 million for the same period last year. This boost represents the highest half-year revenue Ghana has recorded since it began oil production.

PIAC attributes this revenue surge to the start of production from the Jubilee South East well, a new development in the country’s oil infrastructure.

“For the period from 1 January to 30 June 2024, crude oil production has seen a slight yet positive increase compared to the first half of 2023,” a PIAC official noted. “If this upward trend continues, we could see even stronger production levels by the end of the year, surpassing 2023.”

The 2024 Semi-Annual Report, covering January to June, provides a comprehensive overview of petroleum revenue management in Ghana. It details production levels, revenue allocations, and government expenditures through the Annual Budget Funding Amount (ABFA). The report also reviews the management of funds within the Ghana Petroleum Funds, which include the Ghana Stabilisation Fund and the Ghana Heritage Fund.

In addition to tracking financial flows, the report evaluates the performance of key institutions responsible for overseeing petroleum resources, including PIAC itself. Findings and recommendations in the report aim to inform policy decisions and promote responsible management of Ghana’s petroleum revenues.

Source:TheDotNews