Ghana’s petroleum revenue has reached an all-time high, driven by increased crude oil production from new wells under the Jubilee South East project. The country recorded a 10.7% rise in output, contributing to a 55.6% surge in petroleum receipts for the first half of 2024, according to the Public Interest and Accountability Committee (PIAC).
Total petroleum revenue climbed to $840.8 million, up from $540.5 million during the same period in 2023, with crude oil production increasing from 22.45 million barrels to 24.86 million barrels year-on-year.
Corporate Income Tax (CIT) revenues saw a dramatic 115.5% jump, rising from $166.5 million to $358.8 million. Contributions from key petroleum companies, including Tullow Ghana, Kosmos Energy, and Petro SA, played a pivotal role in the revenue boost.
The report also highlighted a 33% increase in Carried Participating Interest (CAPI) earnings, which grew from $289.5 million to $385.2 million. Royalty payments rose by 10%, reaching $89.1 million, while surface rental fees declined by 33%, falling to $439,011. Interest on the Petroleum Holding Fund surged by 160.2%, reaching $7.2 million.
The Jubilee South East project, a collaboration between Tullow Oil, Kosmos Energy, the Ghana National Petroleum Corporation (GNPC), and other partners, began operations in July 2023. The $1 billion investment over four years enabled the development of new wells and critical infrastructure, unlocking previously untapped reserves.
PIAC’s report shows that CAPI accounted for 45.8% of total revenue, followed by CIT at 42.7%, with royalties contributing 10.6%. Lesser revenue streams, such as surface rentals and late payment interest, made up less than 1% of the total.
This milestone reflects Ghana’s growing capacity in oil production, positioning the sector as a key driver of the nation’s economic growth.
