…Between 2022 and 2023 Ghana’s Revenue Decreased By About $350 Million!
Ghana recorded massive decreases in oil revenue in 2023, compared to 2022, the Auditor-General has stated.
Total decreases in revenue amounted to about US$350 million (three hundred and fifty million dollars)!
This is contained in the report of The Auditor-General on The Management of Petroleum Funds for The Period 1
January 2023 to 31 December 2023. The report was compiled by auditing firm KPMG I behalf of the Auditor-
General.
The audit was carried at three fields, namely the Jubilee Oil Field, the TEN Oil Field, and Sankofa Gye Nyame
(SGN) Oil Field.
For the Jubilee Oil Field, total revenue earned from the Jubilee crude oil lifting amounted to US$475.20 million,
16.25% lower than the amount of US$567.39 million recorded in 2022.
For the TEN Oil Field, total revenue earned from crude oil lifting decreased by 60.0% to US$73.05 million
compared with US$182.37 million recorded in 2022.
And Sankofa Gye Nyame (SGN) Oil Field recorded a similar trend. Total revenue earned from the Sankofa crude oil
lifting decreased by 50.5% to US$142.04 million compared with an amount of US$287.04 million for 2022. with
total barrels for the 2 lifting being 1.90 million compared with 2.76 million barrels for Sankofa Oil Field’s 3 liftings
in 2022. This represents a decrease of 31.2% over the previous year.
The above were contained in chapter two of the report of The Auditor-General on The Management of Petroleum
Funds for The Period 1 January 2023 to 31 December 2023.
The Auditor-General wrote at Chapter Two of the report under ‘Comparative analysis of crude oil liftings and
prices’.
There are also significant differences in the rates Ghana received per barrel from the various fields and there may be
a need to seek explanation. For instance, for Jubillee, Ghana was paid US$83.87/barrel, TEN for US$73.39/barrel
and Sankofa US$74.85/barrel.
Again, Ghana not only was apparently lifting smaller volumes of oil, it was also selling the oil at lower prices even
for the smaller volumes, a comparison of figures between 2022 and 2023 reveals.
Jubillee, in 2022 was selling a barrel of oil at US$100.46/barrel, but 2023 the rate was US$83.87/barrel.
At the Ten Oil Fields, 2022 recorded US$91.65/barrel, whilst 2023 recorded an average of US$73.39/barrel
At Sankofa 2022 average of US$104.15/barrel whilst 2023 recorded an average of US$74.85/barrel in petroleum
prices.
All the data is derived from invoices from Ghana National Petroleum Corporation (GNPC).
2.1. Analysis of crude oil liftings
2.2. Lifting analysis – Jubilee Oil Field
20. Total petroleum proceeds accruing from the sale of six (6) Jubilee Oil Field liftings from the 69th to the 74th
liftings amounted to US$475.20 million. The 69th lifting took place on 17 December 2022, however, the proceeds
for same lifting were received on 16 January 2023. The 70th to 74th liftings took place in 2023 and corresponding
revenue received in 2023.
21. Total barrels for the 6 liftings were 5.66 million compared with 5.65 million barrels for 6 liftings in 2022. This
represents an increase of 0.14% over the previous year.
2.3. Petroleum Price Analysis
2.4. Petroleum price analysis – Jubilee Oil Field
22. Based on our review of invoices from GNPC, 2023 recorded an average of US$83.87/barrel in petroleum prices
compared with a figure of US$100.46/barrel in 2022, representing a decrease of 16.5%. This contributed to the
decreased movement in revenue from sale of crude oil in 2023.
23. Total revenue earned from the Jubilee crude oil liftings amounted to US$475.20 million, 16.25% lower than the
amount of US$567.39 million recorded in 2022. The details of the petroleum price analysis of Jubilee Oil Field are
provided in table 2.
24. A graphical representation of the analysis of crude oil prices per lifting between 2022 and 2023 is presented in
figure 2. Figure 2: Analysis of Crude oil prices- Jubilee Oil Field
Lifting analysis – TEN Oil Field
25. Total petroleum proceeds accruing from the sale of one (1) TEN Oil Field’s lifting (22nd) amounted to
US$73.05 million. The lifting took place and proceeds were received in 2023.
26. Total barrels for the lifting were 1.00 million barrels compared with 1.99 million barrels for 2 liftings in 2022.
This represents a decrease of 49.98% over the previous year.
Petroleum price analysis – TEN Oil Field
27. Based on our review of invoices from GNPC, 2023 recorded an average of US$73.39/barrel in petroleum prices
representing a 19.9% decrease over the 2022 average of US$91.65/barrel. The revenue from the sale of crude oil
from the TEN field therefore decreased due to relatively lower average petroleum prices and the decrease in the
number of liftings in 2023 as compared with 2022.
28. Total revenue earned from the TEN crude oil liftings decreased by 60.0% to US$73.05 million compared with
US$182.37 million recorded in 2022. The details of the petroleum price analysis for TEN Oil Field are provided in
table 3.
29. A graphical representation of the analysis of crude oil price per lifting between 2022 and 2023 is presented in
figure 3. Figure 3: Analysis of crude oil prices -TEN Oil Field
Source: Invoices from Ghana National Petroleum Corporation (GNPC)
Lifting analysis – Sankofa Gye Nyame (SGN) Oil Field
30. Total petroleum proceeds accruing from the sale of two (2) Sankofa Gye Nyame Oil Field’s liftings (12th and
13th) amounted to US$142.04 million. Both liftings took place and proceeds received in 2023.
31. Total barrels for the 2 liftings were 1.90 million compared with 2.76 million barrels for Sankofa Oil Field’s 3
liftings in 2022. This represents a decrease of 31.2% over the previous year.
Analysis of Crude Oil Prices-TEN Oil Field
Petroleum price analysis – Sankofa Gye Nyame (SGN) Oil Field
32. Based on our review of invoices from GNPC, 2023 recorded an average of US$74.85/barrel in petroleum prices
compared with the 2022 average of US$104.15/barrel, representing a decrease of 28.1%. 33. This contributed to a
decrease in revenue from sale of crude oil in 2023 as there were two liftings in 2023 as compared with three liftings
in 2022.
34. Total revenue earned from the Sankofa crude oil liftings decreased by 50.5% to US$142.04 million compared
with an amount of US$287.04 million for 2022.
