DECLINE IN OIL PRODUCTION THREATENS GNPC'S PLANS TO DEVELOP THE VOLTAIAN BASIN
With oil production set to decline for the fourth consecutive year, experts are expressing worries about the potential impact on the financial stability of the Ghana National Petroleum Corporation (GNPC). The reduced output in existing oil fields is raising concerns, particularly regarding the hindrance it may pose to the development of the Voltaian basin. source: ResearchGate In the 2024 budget presentation, Finance Minister Ken Ofori-Atta disclosed a 9.54 percent decrease in crude oil production during the first three quarters of 2023, down to 35.42 million barrels from 39.15 million barrels in the same period of 2022. The Greater Jubilee field contributed 21.94 million barrels, the TEN field produced 5.02 million barrels, and the Sankofa-Gye Nyame field yielded 8.46 million barrels. This decrease in production has impacted the earnings of the country's oil and gas sector from January to September 2023. Consequently, it has affected the total funds directed to ...