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Ghana’s oil revenue up 17.5% despite decrease in production – PIAC

Data from the Public Interest and Accountability Committee (PIAC) has disclosed that Ghana’s revenue from oil production saw an increase to a record US$783.33 million in the year ending 2021.

This represents a 17.5 percent increase in revenue from the US$666.39 million recorded in 2020.

According to PIAC, this increase is due to higher crude oil prices on the global market.

Despite an increase in the turnover of oil production, the volume of barrels of crude oil reduced in the year ending 2021.

Annual crude oil production declined by 17.7 percent from 66,926,806 bbls in 2020 to 55,050,391 bbls in 2021, despite the rebound in economic activities in 2021, after the easing of COVID-19 restrictions.

Furthermore, the Committee’s 2021 annual report, disclosed that for the year under review, the average achieved crude oil price of US$69.2 per barrel by the Ghana Group in all fields was higher than the government’s benchmark price of US$54.8 per barrel.

PIAC’s report further disclosed that four of the 18 subsisting Petroleum Agreements have been terminated by the Petroleum Commission in 2021 for non-performance in their minimum work obligations.

In terms of the management and performance of the Ghana Petroleum Funds, reserves of the fund increased by 14.99 percent (US$971.4 million) over that of 2020 (US$844.8 million) despite withdrawals worth US$114.9 million from the Ghana Stabilization Fund.

Since its establishment in September 2011, PIAC has exercised its oversight responsibility of monitoring and evaluating the management and use of Ghana’s petroleum revenues by the government and stakeholder institutions.

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