PIAC Archives - Wontumi Online

26 Jun

Promote A Business-Friendly Regulatory Environment In Upstream Petroleum Sector – PIAC To Government

wontumionlineBusinessforeign firms, Mark Agyemang, PIAC, upstream petroleum sector

The Public Interest and Accountability Committee (PIAC) is advising the government to promote a very business-friendly regulatory environment in the upstream petroleum sector to attract foreign investors. According to PIAC, the unitisation case between Italian firm ENI and Ghanaian firm Springfield in which Springfield appears to have been favoured did not go down well with foreign firms. Speaking to Joy Business, Technical Manager at PIAC, Mark Agyemang said the government must ensure a level playing field, else the foreign investors that have the capacity to explore and produce oil will shun Ghana. “Ghana should be seen to be a business-friendly…

30 May

Concerns Heighten Over Ghana’s Declining Oil Production

wontumionlineBusinessOil, PIAC, Public Interest and Accountability Committee

The Public Interest and Accountability Committee (PIAC) has made a clarion call for the country to expedite processes to reverse declining crude oil production – warning that revenues from the sector will drop if nothing is done. The PIAC, a public watchdog over use and management of petroleum revenue, also cautioned that multi-billions worth of hydrocarbon resources risk being stranded in the face of the global energy transition if efforts are not made to intensify exploration, appraisal and development of oil assets. Having peaked at 71,439,585 bbls in 2019, crude oil production from the country’s three producing fields – Jubilee,…

24 Apr

Ghana Records 82.4% Petroleum Revenue Increase – PIAC Report

wontumionlineBusinesspetroleum revenue, PIAC

Ghana recorded a total petroleum revenue of US$1.43 billion in 2022, representing an 82.4 per cent increase of US$783.3 million achieved in 2021. The 2022 revenue figure, the highest for a single year since the inception of petroleum production, was realised from Carried Participating Interest (CAPI), which amounted to $733.8 million, Corporate Income Tax (CIT) of US$388.9 million, Income on Petroleum Holding Fund that generated US$2.4 million and Surface Rental earnings of US$687,759. The country has so far cumulatively earned US$ 8.79 billion between 2011 and 2022 from 560,194,571(barrels) bbls oil produced between 2010 to 2022. These findings were highlighted…

23 Apr

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

wontumionlineBusinessCRUDE OIL, PIAC

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…

21 Apr

GNPC’S Expenditure Increased By 200% In 2022 – PIAC

wontumionlineBusinessGhana National Petroleum Commission, GNPC, PIAC

A significant increase was witnessed in the expenditure of the Ghana National Petroleum Commission’s expenditure in 2022. According to the 2022 annual report of the Public Interest and Accountability Committee, GNPC’s expenditure on various line items, mainly administrative expenditure and GNPC’s capital projects, witnessed significant increases by more than 200 percent. The report noted that in 2022, GNPC received an amount of US$38,835,537.56 as gas commodity revenue from the Cash Waterfall Mechanism (CWM) which constitutes petroleum revenue. “This amount was not paid into the PHF,” PIAC noted. PIAC also raised concerns about GNPC’s funding of projects that are supposed to…

21 Apr

Total Petroleum Revenue Hits Highest For First Time In 2022 – PIAC

wontumionlineBusinessPetroleum, PIAC

The total revenue from petroleum products recorded its highest for a single year since the beginning of petroleum production in Ghana. Ghana made $1.43 billion from petroleum production in 2022 alone, due to happenings on the international market as a result of the Russia-Ukraine conflict. This was contained in the Public Interest and Accountability Committee (PIAC)’s 2022 annual report, launched on April 20, 2022. “Crude oil production has been declining for three consecutive years. A volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32 percent. It further declined to 55,050,391 barrels in…

21 Apr

Crude Oil Production Declines By 10% For Three Consecutive Years – PIAC Report

wontumionlineBusinessPIAC

Ghana’s crude oil production has seen a decline of 10% for three consecutive years since 2019. According to the Public Interest and Accountability Committee (PIAC)’s 2022 annual report, crude oil production for 2019 was 71,439,585 barrels. Production for 2020 declined to 66,926,806 barrels and further declined to 55,050,391 barrels in 2021. This further declined to 51,756,481 barrels in 2022. “Crude oil production has been declining for three consecutive years. A volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32 percent. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to…

20 Apr

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

wontumionlineBusinessCRUDE OIL, PIAC

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…

17 Nov

PIAC, GNPC To Appear Before Parliament’s Ad Hoc Committee

wontumionlineBusinessGNPC, PIAC, Sam Okudzeto Ablakwa

A member of the ad hoc committee, Sam Okudzeto Ablakwa, has revealed that the Public Interest Accountability Committee (PIAC) and the Ghana National Petroleum Corporation (GNPC) will appear before the committee of Parliament probing allegations in a censure motion against the Finance Minister, Ken Ofori-Atta, on Thursday, November 17, 2022. In a Facebook post, the North Tongu MP, Samuel Okudzeto Ablakwa, shared “the Ken Ofori-Atta Vote of Censure Parliamentary Committee resumes public hearings tomorrow at 11am. We expect PIAC and GNPC to appear before us.” The ad hoc committee has commenced a public hearing on the motion of censure against Ken…

29 Sep

10 IOCs Owe Ghana $2.77m Rental Fee Arrears

wontumionlineBusinessGNPC, IOC's, PIAC

A total of 10 International Oil Companies (IOCs) owe Ghana surface rental fee arrears of $2.77million, the 2022 semi-annual Public Interest and Accountability Committee (PIAC) report, has revealed. Of the outstanding debt, $1.7 million, representing 62.30 per cent, is owed by four companies whose Petroleum Agreements (PAs) were terminated by the Petroleum Commission, in 2021, for non-performance. Apart from operators of the Sahara Energy Fields Ghana Limited, which has made part payment of $71,934m during the period under review, the three others – Swiss African Oil Company Limited, UB Resources and Brittania U have not shown commitment to pay their debt. The…