Investments in exploration activities in Ghana’s upstream petroleum industry increased by 181%, from US$32 million in 2023 to US$90 million in 2024, the Public Interest and Accountability Committee (PIAC) has revealed citing the Petroleum Commission.
This was primarily driven by ENI’s Cape Three Points Block 4 activities, which increased from US$9 million to US$69 million.
However, for development-related activities, investments declined by 21.6%, from US$1.25 billion in 2023 to US$0.98 billion in 2024. This was mainly due to a reduction in Tullow’s drilling campaign in the Jubilee Field, which fell from US$631 million to US$285 million.
Out of the total, development investment accounted for 91.59% and exploration investment accounted for 8.41% in 2024.
Crude oil in Ghana is currently produced from three fields, namely Jubilee, TEN, and the Sankofa Gye-Nyame (SGN).
As of the end of December 2024, the total crude oil production from Ghana’s three producing fields amounted to 48,240,030.04 barrels, reflecting a marginal decline of 0.01% from the 48,247,036.61 barrels recorded in 2023.
Out of this, the Jubilee Field produced 31,849,046 barrels, the TEN Field – 6,784,440 barrels and the Sankofa Gye Nyame 9,606,544.04 barrels, respectively.
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