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.
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.