Ghana’s oil and gas sector faces challenges. The Public Interest and Accountability Committee (PIAC) calls for action to reverse a four-year decline in oil production and attract new investment.
Production Slump
- Ghana produced 48.2 million barrels (bbls) of oil in 2023, down from a peak of 71.44 million in 2019.
- Jubilee Field, the largest producer, is maturing, leading to a natural decline.
- Technical issues have also impacted production in other fields.
Data Deficit Hampers Investment
- PIAC blames an unfavorable investment climate for deterring international companies.
- Ms. Yorm Ama Abledu, a PIAC member, highlights the lack of comprehensive data, especially for deeper basins, as a major turn-off for investors.
- Neighboring countries with more complete data offerings are seen as more attractive.
Recommendations for Revival
- PIAC urges the government to:
- Invest in acquiring and offering better data for exploration.
- Improve regulations and legal frameworks.
- Strengthen local content and capacity building.
- Enhance the investment climate and fiscal regime.
- Ms. Abledu emphasizes the need to:
- Empower the Ghana National Petroleum Corporation (GNPC) for a stronger domestic role.
- Utilize new technologies like Artificial Intelligence (AI) to optimize production.
Transparency and Public Engagement
PIAC’s annual report and media engagements promote transparency and discussion on these critical issues in Ghana’s oil and gas sector.
