CRUDE OIL

Ghana’s Crude Oil Production Rises 10.7% In H1 2024 – PIAC
07 Nov

Ghana’s Crude Oil Production Rises 10.7% In H1 2024 – PIAC

wontumionlineBusiness
Domestic crude oil production increased by 10.7 percent in first-half 2024, reaching 24.86 million barrels (bbls). The trend, if sustained, will reverse a four-year decline in production volumes, the Public Interest and Accountability Committee (PIAC) has reported. This development marks a sharp turnaround from the 13.2 percent drop recorded during the same period of 2023. The rise is largely driven by the newly operational Jubilee South East (JSE) project. The production boost has also led to a significant increase in petroleum revenues – totalling US$840.8million in H1 2024, up 55.6 percent from US$540.5million in H1 2023. PIAC attributes this increased…
Read More
Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG
06 Jun

Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG

wontumionlineBusiness, , , ,
Gold exports in 2023 amounted to $7.60 billion, representing a year-on-year increase of 15.0%. This is mainly due to a 9.2% increase in the volume of exports and a 5.4% increase in the average realised price. According to the 2024 Bank of Ghana Annual Report, the rise in the volume of exports was due to improved gold production attributed to the expansion of the Newmont Ahafo Mine, resumption of operations at Anglogold Ashanti Obuasi Mine, and increased volumes from small-scale miners. The average realised price of gold in 2023 was $1,843.13 per fine ounce. Crude oil exports dropped 39.3% in…
Read More
Ghana’s Crude Oil Production In decline
22 May

Ghana’s Crude Oil Production In decline

wontumionlineBusiness
Ghana’s crude oil production saw a decrease of 6.78% in 2023, contributing to an average annual decline of 9.2% over the past four years, according to the Public Interest Accountability Committee’s (PIAC) 2023 Annual Report on the Management and Use of Petroleum Revenue. The report revealed that Ghana produced 48,247,036.61 barrels of oil in 2023, down from 51,756,481 barrels in 2022. This decline continues a trend from the peak production year of 2019, when 71,439,585 barrels were produced. Production fell to 66,926,806 barrels in 2020 (a 6.32% decline), 55,050,391 barrels in 2021 (a 17.75% decline), 51,756,481 barrels in 2022 (a…
Read More
Ghana Earned $521.86M From Crude Oil In Second-Half Of 2023
07 Feb

Ghana Earned $521.86M From Crude Oil In Second-Half Of 2023

wontumionlineBusiness
Ghana earned $521.86 million from crude oil in the second half of 2023, the Second-Half Ghana Petroleum Funds 2023 has revealed. Out of that, the country secured $319.73 million from crude oil liftings in the last six months of 2023. The crude oil lifting took place between May 2023 and October 2023. The country also got $198.6 million from corporate tax during the second-half of 2023. The taxes were from crude oil liftings by Kosmos Energy, Tullow Oil and Petro SA. Ghana again earned $3.32 million as interest from the Petroleum Holding Funds. Other income from surface rental was estimated…
Read More
Oil Touches $95 With Shrinking Inventories Fanning Fresh Rally
28 Sep

Oil Touches $95 With Shrinking Inventories Fanning Fresh Rally

wontumionlineBusiness,
The US oil benchmark briefly surged to $95 a barrel as dwindling stockpiles at a key storage hub fanned fears about falling crude supplies globally. West Texas Intermediate touched the highest level since August last year, before paring gains to trade little changed. Oil’s latest leg higher was led by a decline in inventories at Cushing, Oklahoma, the delivery point for US futures. With supplies there flirting with minimum operational levels, key prices gauges are surging amid fears of scarcity, a move that is rippling across the world. The nearest timespreads for WTI and global benchmark Brent are in extreme…
Read More
Gold, Cocoa Exports Up By 15.9%, 30.3% Respectively; Crude Down By 36.7%
24 May

Gold, Cocoa Exports Up By 15.9%, 30.3% Respectively; Crude Down By 36.7%

wontumionlineBusiness, ,
The Bank of Ghana has said prices of Ghana's key exports remained volatile on the international commodities market. BoG Governor, Dr Ernest Addison told journalists at the monetary policy committee meeting that brent crude oil prices fell by 21.8 per cent on year-on-year basis to US$82.7 per barrel in April 2023, compared with US$105.8 per barrel in April 2022, mainly on the back of reduced demand amid fears of a recession. Cocoa prices, he said, remained "elevated during the first four months of 2023 driven mainly by lower production volumes from top grower Ivory Coast". At US$2,612.80 per tonne in January 2023, cocoa prices…
Read More
Angola Overtakes Nigeria As Top African Crude Oil Producer
13 May

Angola Overtakes Nigeria As Top African Crude Oil Producer

wontumionlineBusiness
Angola has overtaken Nigeria to emerge top African crude oil producer for the month of April 2023. This is according to direct communication data in the April 2023 monthly oil market report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC). In the report, it is shown that Angola recorded 1.06 million barrels per day of crude production in April 2023. Meanwhile, Nigeria recorded 999,000 barrels per day for the month of April 2023 and Algeria recorded the same 999,000 barrels per day during the highlighted period. This is the lowest production rate Nigeria has recorded in the year 2023.…
Read More
Ghana’s Crude Oil Production Falls For 3rd Consecutive Year – PIAC Report
23 Apr

Ghana’s Crude Oil Production Falls For 3rd Consecutive Year – PIAC Report

wontumionlineBusiness,
Crude oil production in Ghana has been “declining for three consecutive years”, the 2022 annual report of the Public Interest and Accountability Committee (PIAC) has said. It reported that a volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32 per cent. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%). The average decline over the three-year period stood at 10 per cent, the report observed. Read the executive summary below: Key Findings/Observations Petroleum Production and Sales 1. Crude oil production has been declining for…
Read More
Crude Oil Production Declines 3 Consecutive Years By 10% – PIAC
20 Apr

Crude Oil Production Declines 3 Consecutive Years By 10% – PIAC

wontumionlineBusiness,
The 2022 Public Interest and Accountability Committee (PIAC) Annual Report has revealed that crude oil production in Ghana has been declining for three consecutive years. According to the report, a volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32%. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%). The average decline over the three-year period is 10%. The report therefore recommended for Ghana to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of…
Read More
Ghana Records $752.8M Trade Surplus In First 2 Months Of 2023
27 Mar

Ghana Records $752.8M Trade Surplus In First 2 Months Of 2023

wontumionlineBusiness, ,
Ghana recorded a trade surplus of $752.8 million in the first two months of 2023, about 1.0% of Gross Domestic Product, data from the Bank of Ghana has disclosed. This is far more than the surplus of $205.8 million recorded during the same period in 2021. The significant growth in trade surplus was due to significant proceeds from gold exports, whilst net imports also fell. Importantly, total exports in the first two months of 2023 went up by 11.19% year-on-year to $2.76 billion. Total exports for the first two months in 2022 was $2.48 billion. Crude oil exports fall to…
Read More