By Appah Emmanuel
Ghana’s crude oil production have recorded a massive rise for the first half of 2024 compared to previous years as indicated in the Semi- Annual Report by Public Interest and Accountability Committee (PIAC).
According to the 2024 Semi-annual Report presented by PIAC, it’s stated that the rise of oil production have jumped from 10.7 percent as compared to a decline of 13.2 percent in previous year.
However, reports also indicates that the total petroleum receipts for the period increased by 55.6 percent from US$540,456,124.27 in H1 2023 to US$840,765,265.80 in H1 2024 mainly due to increased production for the period.
This remarkable achievement is as a result of the coming on stream of the Jubilee South (JSE) project.
During a presentation of the report, Mr. Constantine Kudzedzi, Chairman of PIAC, attributed the gains to intensified drilling activities, new well completions, and improved operational efficiency at the Jubilee field.
Moreover, the 2024 Semi-Annual Report by PIAC mentioned that production at the Jubilee field alone rose by 25.1%, reaching 16.41 million barrels in H1 2024, up from 13.11 million barrels during the same period in 2023.
This sums up to a total of 24.85 million barrels of Ghana’s crude oil production , with the Jubilee field accounting for 66% of the output.
The increase in production and revenue serves as an avenue for Ghana to pay attention to other key areas of development while addressing concerns over resource management and sustainability.
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