Ghana's oil production hits 633,300 barrels since 2010, earns $10.69b
Accra, Ghana - Nov 10, 2024 - Ghana has produced a total of 633,300 barrels of crude oil since commencing production in 2010, according to the Public Interest and Accountability Committee (PIAC).
The country's oil production has fluctuated over the years, with significant increases in 2017, 2018, and 2019.
Oil Production Breakdown:
- 2010: 10,669,046 barrels
- 2012: 11,454,791 barrels
- 2013: 18,955,111 barrels
- 2014: 18,679,591 barrels
- 2015: 19,038,841 barrels
- 2016: 11,440,123 barrels
- 2017: 24,346,461 barrels
- 2018: 28,982,051 barrels
- 2019: 34,309,681 barrels
- 2020: 34,236,591 barrels
- 2021: 27,757,552 barrels
- 2022: 25,851,814 barrels
- 2023: 22,452,073 barrels
- 2024 (Jan-Jul): 24,857,783 barrels
Revenue Generation:
Ghana has earned a total of $10.69 billion from oil revenues since 2011. The annual revenue breakdown is:
- 2012: $327.17 million
- 2013: $596.07 million
- 2014: $410.44 million
- 2015: $274.47 million
- 2016: $126.41 million
- 2017: $272.68 million
- 2018: $463.57 million
- 2019: $363.74 million
- 2020: $638.63 million
- 2021: $350.32 million
- 2022: $731.94 million
- 2023: $540.46 million
- 2024 (Jan-Jul): $840.77 million
Tax Components:
The oil revenues are paid as taxes to the Ghanaian government by the three producing companies, comprising:
- Carried and Participating Interest (CAPI)
- Surface Rentals
- Petroleum Holding Fund (PHF)
- Corporate Income Tax (CIT)
- Other Income
PIAC's Coordinator, Isaac Dwamena, revealed these figures during a media engagement in Accra, highlighting Ghana's oil production and revenue trends.
Source: Lead News Online
