Ghana's crude output drops 25.9% during the first half of 2025

The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee.

Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields.

The Jubilee South East Project of Tullow Energy and Kosmos was the main driver for this increase in output.

PIAC, a government agency tasked with monitoring this sector, stated in a semiannual report that the oil production would drop to 18,4 million barrels from 24.9 millions barrels during the same period of last year, due to natural declines in reservoirs and planned shutdowns at large fields.

The output from the flagship Jubilee Field fell 32.8%, to 11.0 millions barrels. This was mainly due to maintenance shut-downs between March andApril.

PIAC said that no new petroleum deals have been signed since 2018. It warned that dwindling investments and ageing fields present structural risks for the sector.

The report also noted that gas output had declined by 6.7% to 130.466 millions standard cubic feet in June.

The government's 2025 budget includes a projection of 16.5 billion cedis (1.35 billion dollars) for petroleum revenues. State revenues are affected by lower oil volumes and higher prices.

The PIAC half-year report showed a drop of 56% in the petroleum revenue, which was $370.3 millions by June. $1 = 12,2000 Ghanaian Cedis (Edited by Ayen deng Bior and Anait Miridzhanian)

(source: Reuters)