BusinessOil & Gas/Mining

Oil revenues dropped by 31% in 2020, says PIAC

According to the Public Interest and Accountability Committee (PIAC), the decline in revenues was due to a 6.3% lower production volumes from 2019

Total oil receipts for crude oil production from Ghana’s three fields – Sankofa, Jubilee and TEN for last year amounted to US$638 million, the Public Interest and Accountability Committee (PIAC) has said.

The recorded oil revenues for 2020, PIAC posits in its released 2020 annual report, represents a 31% reduction in revenue when compared to the 2019 oil revenue figure of US$925 million.

According to PIAC, the decline in revenues was a result of a 6.3% lower production volumes from 2019 coupled with unfavourable international crude oil prices due to the turbulence in the petroleum industry arising out of the global COVID-19 pandemic last year.

“The average achieved price by GNPC on behalf of the Ghana Group for the three producing fields reduced by 33.5% from US$63.496/bbl in 2019 to US$42.211/bbl in 2020. In addition, the lower produced volumes of oil relative to 2019 led to the significant decline in petroleum revenues,” PIAC said.

Of the total revenue received by the government for 2020, the Sankofa Gye Nyame (SGN) oil field contributed US$126 million with Jubilee and TEN oil fields contributing US$184 million and US$185 million from three, six and four crude oil liftings respectively.

For the year 2020, a total of 66,926,806 barrels (bbls) – lower than the 2019 figure of 71,439,585 bbls – were obtained from the three producing fields.

The country’s oil production for 2020 marks the first reduction in annual production volumes after three years of consecutive oil production increases.

Of the total output, the Jubilee Field produced 30,424,539 bbls compared with a 2019 volume of 31,915,377 bbls; the TEN Field’s 17,802,536 bbls as against 22,319,137 bbls in 2019; and the SGN Field’s 18,699,731.01 bbls relative to 17,205,070.85 bbls in 2019.

Cumulative, the country’s oil production for the last decade – 2010 to 2020 – now stands at 453,387,699 bbls.

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