Ghana’s crude oil production falls for six years, costing billions in lost revenue – IES report

Ageing fields and lack of new investmentThe report identifies natural depletion of mature oil fields, insufficient replacement reserves and the failure to sign new petroleum agreements since 2018 as the principal causes of the production decline.

Ghana's crude oil production has declined for six consecutive years, falling by nearly half since its 2019 peak and costing the country billions of dollars in lost revenue, according to a new report by the Institute for Energy Security (IES).2 million barrels, it also recorded the sharpest year-on-year decline of more than 30%, partly due to a planned production shutdown between March 26 and April 8.