Ghana increased its crude oil production by 10.7% in the first half of 2024, recovering from a 13.2% decline the previous year.
Mr. Constantine Kudzedzi, Chairman of the Public Interest and Accountability Committee (PIAC), made this known while sharing highlights of the 2024 Semi-Annual Report on the Management and Use of Petroleum Revenue.
He noted that the SGN field accounted for 20 percent of production, while Jubilee and TEN accounted for 66 percent and 14 percent of production, respectively.
During the same period, total gas production was 139,866.92 million standard cubic feet (MMSCF), with SGN contributing 49 percent of total production, while Jubilee and TEN contributed 30 percent and 21 percent, respectively.
For the total petroleum receipts under review, an amount of $385,172,660.26 was realised as Carrying Participating Interest (CAPI), $358,834,612.60 as Corporate Income Tax (CIT), $89,102,349.89 from royalty payment, $7,149,729.42 from Petroleum Hold Fund, $439,011.08 as surface rentals, and $66,902.55 from other sources.
Key findings of the committee included surface rental arrears of $1.2 million as of June this year, excluding that of terminated petroleum agreements; no allocation nor disbursement for industrialisation priority area; and retention of the cap on the Ghana Stabilisation Fund at $100 million.
The committee recommended that Parliament review the cap on the stabilisation fund and urged the Ghana Revenue Authority to intensify efforts to recover outstanding surface rentals. It also called on the Ministry of Finance to prioritise funding for industrialisation.
