Ghana’s crude oil production has experienced a notable downturn, with a 6.78% decrease in 2023, contributing to an overall average decline of 9.2% over the past four years.
This decline, spelt out in the 2023 Annual Report by the Public Interest Accountability Committee, highlights a downward trend since the peak production in 2019.
The report attributes this decline to both a lack of investment in new field discoveries and the natural aging of existing fields.
In a recent interview with RGGNEWS, economist Dennis Brown attributed the decline to equipment shortages, maintenance issues, and unexpected field performances, all stemming from a lack of investment.
Dennis Brown stressed on the need to expedite production in discovered oil fields and attract more investors to Ghana’s oil sector, crucial for the country’s revenue stream.
Conversely, gas production experienced a marginal increase of 0.64% in 2023 compared to the previous year, with the Sankofa Gye-Nyame Field leading in gas production volumes.
