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.
Promote a business-friendly regulatory environment in upstream petroleum sector – PIAC to government
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.
Every well has a life span and some of these wells, after 10 years, would probably have peaked and after peaking, the natural thing is decline.
Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report.
A total of 25.3 billion cubic feet (bcf) of natural gas worth about $169 million was lost in the upstream petroleum sector through flaring.
Ghana lost $300m worth of natural gas in the upstream petroleum sector through flaring, the 2022 Annual Public Interest Accountability
Committee (PIAC) Report on Management and
Use of Petroleum Revenue has revealed.
The Public Interest and Accountability Committee (PIAC) has entreated the government to speed up the sustainable development of petroleum resources to reverse the decline in the production of petroleum products.
The total revenue from royalties for the three oil fields in Ghana was US$302,954,860.69 in 2022 compared to US$185,683,636.46 in 2021, representing 63.2 per cent increase, the 2022 annual report of the Public Interest Accountability Committee (PIAC) had noted.
Public Interest and Accountability Committee’s (PIAC) report on the field for the year 2022 has revealed that Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, the highest
since the inception of oil production in the country.