Ghana spent $1.6bn on oil production in 2023

According to Public Interest and Accountability Committee (PIAC) report, a total amount of $1.62billion was incurred in the production of crude oil from the three oil producing Fields – Jubilee Field, Tweneboah-Enyennra-Ntomme (TEN) and Sankofa Gye Nyame in 2023.

The amount is made up of production cost of $612.27million and development cost of $1billion. Ghana National Petroleum Cooperation (GNPC’s) share of the total cost stands at $120.82 million.

This is made up of production and development cost of $79.81million and $40.82million respectively.

On the other hand, a total of 255,171.97mscf of raw gas (Associated gas and non-associated gas) was produced in 2023 from the three fields compared to the 2022 volume of 253,555.05mscf. This represents a 0.64% increase in gas production relative to that of 2022.

The SGN Fields, relatively gas concentrated, produced highest volume of combined associated gas (AG) and Non-Associated Gas (NAG) of 127,203.02 while the jubilee and TEN Fields produced 77,900.05mscf and 50,068.90 mscf respectively.

Jubilee gas production increased by 13.8% from 68.481.76 mscf in 2020 to 77,900.05 mscf in 2023.

For the TEN Fields, production declined by 10% from 55.678.63 mmscf in 2022 to 50,068.90mmscf in 2023. The SGN field recorded a decrease of 1.7% from 129,394.66mmscf in 2022 to 127,203.02mmscf in 2023.

A volume of 34,831.36mmscf (45% raw gas produced was exported from the Jubilee Field to the Ghana National Gas Company Limited (GNGCL).

The gas exported in 2023 reduced by 2.9% relative to the volume of 35,880.53mmscf recorded in 2022. The month of April (2023) on the other hand recorded the lowest raw gas export mainly due to process upset and maintenance activities carried out at the GNGCL plant from March to April.

Subsequently, raw gas exports were back to normal with May recording the highest in 2023.

From the TEN Field, about 18% of the gas produced in (922.11mmscf) was exported to the GNGCL in 2023.This represented a 75.6% decrease in the volumes exported as compared to that of 2022 (3,782.89 mmscf).

The decline was mainly due to technical challenges encountered on the field.

A volume of 69,286.85 mmscf (54.5%) of the total raw gas produced on the SGN Field was exported to the Onshore Receiving Facility (ORF) in 2023 which represents a 2 percent increase over the 2022 volume of 67,896.49 mmscf.

Crude oil lifting (Jubilee Field)

A total of 32 liftings (30,403,546bbls were made by the Jubilee Partners in 2023 just as the 32 liftings (30,445,289bbls) in 2022.

The Ghana group represented by GNPC lifted five parcels totaling 4,714,438bbls representing 18.6 percent of total volume liftings. This represented a decrease of 16.6 percent from the 5,653,497 bbls lifted in 2022.


The TEN partners lifted a total of 6,883,220 bbls from seven liftings as compare with 8,736,805 bbls from nine liftings in 2022, a decrease of 21 percent. GNPC on the other hand lifted two parcels on behalf of Ghana Group in 2023 amounting to 1,989,887 barrels as compared to one parcel lifted in 2022 constituting a volume of 994,962 barrels.


For the period under review, 11 parcels of crude oil was lifted from the SGN Field translating into 10,584,255 bbls compared with 14 parcels in 2022 totaling 13,055,294. The Ghana Group share makes up 27.34percent of the total liftings in the field.

In 2023, the Ghana Group recorded three liftings totaling 2,893,937 bbls. In 2022, three liftings totaling 2,756,218 bbls was recorded.

According to Petroleum Commission, Jubilee Oil Holding Limited (JOHL) made two liftings totaling 1,912,563bbls of crude oil in 2023 amounting to $143,315,459.42. The proceeds from these liftings were not paid into the Petroleum Holding Fund (PHF) contrary to the provisions of the Petroleum Revenue Management Act (PRMA).

This brings the total receipts not paid into the PHF to $343,108,927.88 as at the end of 2023.

But according to GNPC, the proceeds from liftings by JOHL did not constitute petroleum revenue.


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