Ghana's crude oil output fell 25.9% year-on-year in the first six months of 2025, the lowest half-year level since 2016, due to lower production at major fields, the country's public interest and accountability committee (PIAC) said on Thursday.

Crude oil production in Ghana, Africa's leading gold producer, began in 2010, but output fell to a five-year low in 2023 due to production declines in existing fields.

However, in the first six months of 2024 output increased by 10.7%, driven mostly by Tullow and Kosmos Energy's Jubilee South East project.

PIAC, a state body tasked with monitoring the sector, said in a semi-annual report that oil production dropped to 18.4 million barrels by June 2025 from 24.9 million barrels in the same period last year due to natural reservoir declines and scheduled shutdowns at major fields.

Structural risks

Output from the flagship Jubilee field slid 32.8% to 11.0 million barrels, largely due to maintenance shutdowns between March and April.

PIAC also said no new petroleum agreements have been signed since 2018, warning that dwindling investment and ageing fields pose structural risks to the sector.

Gas output also saw a 6.7% decline to 130,466 million standard cubic feet by June, the report said.

In its 2025 budget, the government has projected 16.5 billion cedis ($1.35 billion) in petroleum revenue. However, lower volumes and oil prices hit state receipts.

The half-year report from PIAC indicated a 56% drop in petroleum revenue to $370.3 million by June.