crude oil

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

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

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

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

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…
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Ghana’s Crude Oil Production In decline

Ghana’s Crude Oil Production In decline

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

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

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…
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Oil Touches $95 With Shrinking Inventories Fanning Fresh Rally

Oil Touches $95 With Shrinking Inventories Fanning Fresh Rally

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

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

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…
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IMF forecasts $40-50 crude oil price for 2021

IMF forecasts $40-50 crude oil price for 2021

The International Monetary Fund is forecasting the price of crude oil in the range of 40 to 50 dollars per barrel next year. This will not come as a good omen for the Ghanaian economy since oil price before covid-19 had been trading above $60. The government of Ghana had projected $62 per barrel of crude oil in its 2020 Budget. But covid-19 pandemic had made the forecast unachievable. Presently, a barrel of crude oil is hovering around $40 per barrel. The IMF in its forecast said the outlook for oil demand remains grim amid new waves of coronavirus and…
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