Ghana spends US$1.52bn on crude oil production – PIAC report
In 2022, Ghana spent a total of US$1.52 billion on its three oil producing fields, which consisted of production costs of US$597.86 million and development costs of US$919.51 million. GNPC, the national oil company, contributed US$120.63 million to these costs, with US$79.81 million for production and US$40.82 million for development.
The liftings of crude oil by partners on each producing field were done according to their respective Petroleum Agreements, Crude Oil Lifting Agreements (COLAs) and agreed annual lifting schedules. In the Jubilee Field, a total of 32 liftings were made, amounting to 30,445,289 barrels, representing an increase from the 29 liftings and 27,613,382 barrels recorded in 2021. The Ghana Group lifted six parcels, totaling 5,653,497 barrels, which was 18.6 percent of the total liftings.
In the TEN Field, the partners lifted a total of 8,736,805 barrels from nine liftings, a decrease from 11,706,740 barrels from 12 liftings in 2021. The Ghana Group lifted one parcel, amounting to 994,962 barrels, compared to three parcels lifted in 2021. In the SGN Field, crude oil lifted was 13,055,294 barrels in 14 parcels, a decrease from 16,095,726 barrels from 17 parcels in 2021. The Ghana Group’s share made up 21.1 percent of the total liftings and recorded three liftings totaling 2,756,218 barrels compared to two liftings in 2021.
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The average achieved price by GNPC on behalf of the Ghana Group for all three producing fields increased from US$69.180/bbl in 2021 to US$105.746/bbl in 2022. The average achieved price for the TEN Field was the highest at US$109.922/bbl for one lifting, while the Jubilee and SGN average achieved prices were US$101.201/bbl and US$104.114/bbl, respectively. The Ghana Group’s achieved price on the Jubilee and TEN fields was higher than Tullow’s and Kosmos’ average prices. On the SGN Field, the Ghana Group’s achieved price was higher than Eni’s average price. The Ghana Group’s average achieved price of US$109.922/bbl for all fields was above the government’s revised 2022 benchmark price of US$94.80/bbl, representing a positive variance of US$15.122/bbl.
