Crude production hits 6 year low – PIAC calls for urgent investment plan
The Public Interest and Accountability Committee (PIAC) has called on the government and the Petroleum Commission to develop a framework that can boost investment in existing oil-producing fields, including fields yet to pour first oil, such as Springfield and Pecan.
The committee stressed the need for renewed focus on the Tweneboa Enyenra Ntomme (TEN) field, where output has fallen below projections, calling for a coordinated investment plan between the operator and the state.
The call follows a sixth consecutive annual decline in the country’s crude oil production, from 71.44 million barrels in 2019 to 37.3 million barrels in 2025, reinforcing concerns that the country’s oil fields may have peaked.
Also, total petroleum receipts for 2025 amounted to $770.27 million, representing a 43.27 per cent decrease compared to $1.36 billion recorded in 2024.
To reverse the trend, the Chairman of PIAC, Richard Ellimah, at the launch of the 2025 PIAC Annual Report in Accra yesterday, stated that the government must develop a comprehensive plan, ensuring that operators are committed to targeted investments in priority areas to boost production.
“And then, they can agree that within the next three years, a specific amount will be invested to increase production from 30,000 barrels to 50,000 barrels per day.
“At the same time, there is also the need to improve the existing regulatory and fiscal frameworks, as well as data acquisition in new basins,” Mr Ellimah said.
Report launch
The 2025 Annual Report (29th statutory report) on the management and use of petroleum revenues was launched in line with section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815).
PIAC, mandated to oversee the management of petroleum revenue, prepares the statutory reports to keep citizens and stakeholders informed.
The committee stressed the need for renewed focus on the Tweneboa Enyenra Ntomme (TEN) field, where output has fallen below projections, calling for a coordinated investment plan between the operator and the state.
The call follows a sixth consecutive annual decline in the country’s crude oil production, from 71.44 million barrels in 2019 to 37.3 million barrels in 2025, reinforcing concerns that the country’s oil fields may have peaked.
Also, total petroleum receipts for 2025 amounted to $770.27 million, representing a 43.27 per cent decrease compared to $1.36 billion recorded in 2024.
To reverse the trend, the Chairman of PIAC, Richard Ellimah, at the launch of the 2025 PIAC Annual Report in Accra yesterday, stated that the government must develop a comprehensive plan, ensuring that operators are committed to targeted investments in priority areas to boost production.
“And then, they can agree that within the next three years, a specific amount will be invested to increase production from 30,000 barrels to 50,000 barrels per day.
“At the same time, there is also the need to improve the existing regulatory and fiscal frameworks, as well as data acquisition in new basins,” Mr Ellimah said.
Report launch
The 2025 Annual Report (29th statutory report) on the management and use of petroleum revenues was launched in line with section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815).
PIAC, mandated to oversee the management of petroleum revenue, prepares the statutory reports to keep citizens and stakeholders informed.
He explained that Jubilee production had remained relatively stable due to infill drilling, whereas challenges were concentrated in the TEN field, highlighting areas for targeted policy intervention.
He stressed that reform efforts over the past one-and-a-half years had corrected some previous policy mistakes, but emphasised that sustaining increased production was crucial for revenue growth.
“The real issue now is how to sustain production going forward, because without increased output, the revenues needed for the country simply do not materialise,” he said.
Unprecedented innovation
For his part, Prof. Prempeh stated that PIAC represented an unprecedented innovation in parliamentary oversight, acting as a civil society-led watchdog to monitor petroleum revenues and report to parliament.
He stressed that the survival of PIAC to issue its 29th statutory report was a major achievement, given the political and legal uncertainties surrounding its establishment.
“I hope that we will all take it upon ourselves after this launch to amplify the voice of PIAC and ensure that the issues raised in these reports reverberate across civil society and relevant institutions,” he said.
