Ghana spent a total amount of US$1.52 billion on its three oil producing fields in 2022.

This was made up of production costs of US$597.86 million and development cost of US$919.51 million.

GNPC’s share of the total costs stood at US$120.63 million.

This was made up of production and developments costs of US$79.81 million and US$40.82 million respectively.

Crude Oil Liftings

Lifting by partners on each producing field was carried out in accordance with their respective Petroleum Agreements, Crude Oil Lifting Agreements (COLAs) and agreed annual lifting schedules.

Jubilee Field

A total of 32 liftings, (30,445,289 bbls), were made by the Jubilee Partners in 2022, representing an increase from the 29 liftings (27,613,382 bbls) recorded in 2021.

The liftings of each of the Joint Venture (JV) partners was in accordance with the West Cape Three Points (WCTP) Petroleum Agreement.

The Ghana Group, represented by GNPC, lifted six (6) parcels totaling 5,653,497 bbls, representing 18.6 percent of total liftings. This represents an increase of 18 percent from the 4,789,064 bbls lifted in 2021.

Tweneboah-Enyennra-Ntomme (TEN) Field

The TEN Partners lifted a total of 8,736,805 bbls from 9 liftings, as compared with 11,706,740 bbls from 12 liftings in 2021, a decrease of 25.4 percent.

GNPC lifted one (1) parcel on behalf of the Ghana Group in 2022, amounting to 994,962 barrels, as compared to three (3) parcels lifted in 2021, constituting a volume of 2,887,021 barrels.

Sankofa Gye-Nyame (SGN) Field

Crude oil lifted from the SGN Field in 2022 was 13,055,294 bbls in 14 parcels compared with 16,095,726 bbls from 17 parcels in 2021.

The Ghana Group’s share makes up 21.1 per cent of the total listings.

In 2022, the Ghana Group recorded three (3) liftings totaling 2,756,218 bbls compared with two (2) liftings in 2021.

Crude Oil Pricing

The average achieved price by GNPC on behalf of the Ghana Group for all three (3) producing fields, increased from US$69.180/bbl in 2021 to US$105.746/bbl in 2022.

The TEN Field average achieved price was the highest at US$109.922/bbl for one (1) lifting while Jubilee and SGN average achieved prices were US$ 101.201/bbl and US$ 104.114/bbl, respectively. The Jubilee Field’s average achieved price was higher than the average Dated BRENT by US$1.363/bbl for the same lifting dates during the period while that of TEN was higher than the average Dated BRENT by US$2.000/bbl.

For the SGN field, the average achieved price was lower than the average Dated BRENT by US$1.397/bbl.

Comparing Ghana Group’s achieved prices to those of the Jubilee and TEN partners, the Group’s average achieved price of US$106.56/bbl on the two fields was relatively higher than Tullow’s average price of US$102.50/bbl, and also higher than Kosmos’ average price of US$100.06/bbl.

On the SGN Field, Ghana Group’s achieved price of US$104.11/bbl was relatively higher than Eni’s average price of US$100.29/bbl. Figure 9 depicts a comparison of the average achieved prices for the partners. The Ghana Group’s average achieved price of US$109.922/bbl for all fields was above government’s revised 2022 benchmark price of US$94.80/bbl (see Table 18). This represents a positive variance of US$15.122/bbl.

Credit: classfmonline