By Francis Kobena Tandoh
The Public Interest and Accountability Committee (PIAC) has urged the government to improve investment at the country’s oil fields, particularly at the Tweneboa-Enyenra-Ntomme (TEN) fields amidst declining crude oil production.
According to the 2025 Annual Report of PIAC, crude oil production declined for the sixth consecutive year in 2025.
Production has dropped from a high of 71.44 million barrels in 2019 to 37.3 million barrels in 2025, representing a compounded annual average decline of nine percent.
Speaking at a workshop for members of the Institute of Financial and Economic Journalists (IFEJ) and the Parliamentary Press Corps at Oyibi near Accra over the weekend, Samuel Bekoe, a member of the PIAC, expressed worry about the pace of the decline.
He explained that the growing cravings for renewables, the absence of readily available exploration data, and the small size of the acreages of Ghana’s blocks, according to him, are possible factors affecting investment in the country.
He urged the government to adopt innovative fiscal regimes that would attract investors to the country’s oil fields.
“Global investment for crude oil production has declined. People are looking at renewables more than ever; it is, therefore, important to bring in more investors to invest to find more oil to explore to get more money. Having different fiscal regimes for deep and shallow waters will help,” said Bekoe.
The PIAC member also urged more attention to the country’s TEN field, as it has underperformed, hence denying the state from generating the needed revenue as was projected upon discovery.
“The TEN field needs more media mention and more citizen questioning so the country makes the most from it,” he added.
Ghana discovered oil in commercial quantities in 2007, and commenced production late in 2010 and has generated some 11.97 billion in total revenue.
However, production from the Jubilee, TEN, and Sankofa-Gye Nyame (SGN) fields has been going down steadily since it was at its highest in 2019, mainly because the oil reservoirs are running out, there are few new discoveries, there are operational challenges, and global market conditions are changing. This sustained decline has heightened concerns about the durability of petroleum revenues and their implications for fiscal planning, revenue mobilization, and long-term national development.
In 2025, a total of 37.3 million barrels of oil were produced in all three fields. Production at the Jubilee field peaked at 71.4 million barrels in 2019. Thus, representing a 47.8 percent decline from the peak to 2025, nearly halved in 6 years. Enditem
Source: Ghana Eye Report
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