Crude oil contributed 3.7% to Ghana’s GDP in 2020 – EITI Report
NEWS
Crude oil contributed 3.7% to Ghana’s GDP in 2020 – EITI Report
SOURCE: Reporting Oil and Gas | Editor POSTED ON: June 8, 2023
June 8, 2023 CATEGORY: NEWS
In 2020, the upstream oil and gas sector in Ghana made up
3.7% of the country’s Gross Domestic Product (GDP). However, it experienced a
negative growth rate of -4.6%.
The 2020 Ghana Extractive Industries Transparency Initiative
(GHEITI) report revealed that the total crude oil production for that year was
66.91 million barrels, a decrease from the 2019 production of 71.4 million
barrels.
This includes 30.42 million barrels from the Greater Jubilee
Field, 17.80 million barrels from the Tweneboa-Enyenra-Ntomme (TEN) Field, and
18.68 million barrels from the Sankofa-Gye Nyame (SGN) Field.
During the period, the Ghana National Petroleum Corporation
(GNPC) lifted 11.8 million barrels on behalf of the State.
The report covered January 2020 to December 2020 and adhered
to the minimum requirements outlined in the 2019 EITI Standard, which countries
implementing the EITI must follow.
Comparing 2020 to 2019, the Jubilee Field saw a decrease in
oil production, with 30,424,539 barrels produced in 2020 compared to 31,915,377
barrels in 2019. Despite this slight decline, the Jubilee Field remained the
largest contributor, accounting for nearly half of the country’s total oil
output.
Moving to 2021, the Jubilee Field contributed 27,335,481
barrels, which constituted half of the total output, despite a 10% reduction
from the 2020 production of 30,424,539 barrels.
The highest monthly production volume for the Jubilee Field
occurred in December 2021, while the lowest was recorded in February 2022.
The second half of 2021 witnessed an increase in production
rate due to the addition of two production wells J56-P and J57-P and one water
injection well J55-WI.
Tagged EITI, GDP, GHEITI, TEN