Stephanie Nkrumah
Ghana’s oil and gas industry has shown significant growth in the first half of 2024, with total crude oil production rising by 10.7% compared to the same period last year. The country’s three offshore oil fields—Jubilee, TEN, and SGN—produced a total of 24,857,477.52 barrels (bbls) of crude oil between January and June 2024, up from 22,452,078.81 barrels in H1 2023.
The Jubilee Field, which continues to be Ghana’s largest oil producer, saw a remarkable 25.1% year-on-year increase in production. In H1 2024, it produced 16,405,020 barrels, compared to 13,113,193 barrels in the first half of 2023. This surge is attributed to the successful ramping up of production from the J03-P and J69-P wells. However, June’s production dipped due to technical issues, including low-pressure gas compressor failures that affected operations.
While Jubilee showed growth, the TEN and SGN fields faced declines in production. TEN’s output dropped by 4.8%, with 3,450,445 barrels produced in H1 2024, down from 3,625,995 barrels last year. SGN’s production decreased by 12.4%, from 5,712,891 barrels in H1 2023 to 5,002,012.52 barrels in H1 2024. The declines were primarily caused by operational challenges such as flow assurance issues and equipment failures.
Ghana’s natural gas production saw a boost in the first half of 2024. Total raw gas production, including both associated and non-associated gas, reached 139,866.92 million standard cubic feet (MMSCF), up 7.5% from last year. Gas production from the Jubilee, TEN, and SGN fields increased by 19.6%, 2.7%, and 3.2% respectively.
The Greater Jubilee Field accounted for a substantial share of this increase, with gas exports rising by 4.6% to 18,043.31 MMSCF in H1 2024. However, exports from the TEN Field saw a sharp decline of 78.3%, primarily due to operational challenges. Overall, gas exports from the Jubilee and TEN fields together saw a modest 2.3% increase, totaling 18,147.74 MMSCF.
In terms of crude oil liftings, the Jubilee Partners completed 17 liftings in H1 2024, up from 14 liftings in H1 2023. The Ghana Group lifted a total of 2,861,942 barrels, a significant increase from the 1,902,136 barrels lifted last year. Other partners, including Tullow Ghana and Kosmos Energy, lifted 13,321,134 barrels.
For the TEN Field, three liftings totaling 2,982,272 barrels were made, showing a slight increase over last year’s 2,941,836 barrels from the same number of liftings
Despite the increase in gas production, flaring levels remained a concern. Total gas flaring across the three fields rose slightly from 15,483.91 MMSCF in H1 2023 to 16,069.40 MMSCF in H1 2024. However, the Environmental Protection Agency (EPA) confirmed that the levels of flaring remain within acceptable limits.
With crude oil production reaching a cumulative total of 633.3 million barrels since 2010, Ghana’s oil and gas sector continues to play a crucial role in the country’s economic development. However, technical and operational challenges at fields like TEN and SGN highlight the need for ongoing investment in infrastructure and maintenance to ensure stable production moving forward.
Citizens can expect to see more detailed reports on gas and oil production trends in the coming months, as the government and industry stakeholders work to optimize Ghana’s resource utilization and improve the local energy sector.
