The Public Interest and Accountability Committee (PIAC) has engaged representatives from its 13- Constituent Bodies to discuss how to strengthen efforts to deepen public accountability in the management and use of the country’s petroleum revenues at its Annual General Assembly (AGA) in Accra.
The Public Interest and Accountability Committee (PIAC) has begun the year with a simultaneous inspection of public infrastructure projects funded with petroleum revenues in the Greater Accra and Central Regions.
Receipts from crude oil liftings (CAPI and Royalties) in Ghana amounted to $690,282,530.89 in 2023 as
compared with U$1,036,800,383.96 in 2022, representing a decrease of 33.4%, the PIAC has reported.
The Public Interest and Accountability Committee (PIAC) has called for investments in data and regulatory reforms in the oil and gas sector to address the continued decline in oil production and the challenges in attracting new investments.
Emerita Professor Elizabeth Schandorf, the Chairperson of Public Interest and Accountability Committee (PIAC) has indicated that their findings in the 2023 annual report on the management and use of Petroleum Revenue reported a decline for the fourth consecutive year.
The Public Interest and Accountability Committee (PIAC) has expressed worry about the decline in oil
production by Ghana and has called on the government and other relevant regulatory bodies to take
steps to reverse the production decline on existing oil fields and ensure investments in unexpected
fields
The 2023 Annual Report of the Public Interest and Accountability Committee (PIAC) Report on the use and management of oil revenues launched in Accra yesterday states that Ghana’s share of petroleum revenues for 2023 declined by a 25.65 per cent due to decrease in oil production for the fourth conservative year and lower global prices.
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.
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.