Emerita Professor Elizabeth Ardayfio-Schandorf, the Chairperson of PIAC, revealing this at a stakeholder engagement at Ningo-Prampram in the Greater Accra Region, said production dropped from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023, representing an annual average decline of 9.2 per cent.

Emerita Prof. Arday-Schandorf, presenting the 2023 annual report of PIAC, said her outfit has recommended to the government and the relevant regulatory bodies to take the appropriate steps to reverse production decline in existing fields and ensure investments in unexploited fields.

The 2023 Annual Report is the 25th Report published by PIAC and covers the period from January to December 2023, which is aimed at providing the public with access to information regarding the management and utilisation of petroleum revenues.

She said for the year 2023, a total of 48,247,036.61 barrels (bbls) were produced from the three producing fields, comprising Jubilee: 30,444,217 bbls, representing 63 per cent; Tweneboa-Enyenra-Ntomme (TEN): 6,716,278 bbls, making 14 per cent; and Sankofa Gye-Nyame (SGN): 11,086,541.61 bbls, contributing 23 per cent of the total production.

"For raw gas, a total of 255,171.97 MMSCF was produced in 2023 from the SGN Field (127,203.02 million Standard Cubic Feet-MMSCF, 50%), Jubilee (77,900.05 MMSCF, 30%), and TEN Fields (50,068.90 MMSCF, 20%)."

The report stated that the average achieved price by the Ghana Group for all three producing fields during the period under review was US$78.067/bbl.

PIAC noted that the total revenue that was paid into the Petroleum Holding Fund (PHF) in 2023 was US$1,062,323,419.12, representing a 25.65 per cent decrease from that of 2022, stating that Carried and Participating Interest (CAPI) continues to be the biggest contributor with 44.31 per cent, followed by Corporate Income Tax (CIT) and Royalties with 34.38 per cent and 20.67 per cent, respectively.

The report found that the total proceeds from the Jubilee Oil Holdings Limited (JOHL) liftings received in 2023, amounting to US$70,456,718.93, were not paid into the PHF for the second consecutive year.

"This brings the cumulative proceeds of unpaid revenue into the PHF by JOHL to US$343,108,927.88 as of the end of 2023."

Emerita Prof. Ardayfio-Schandorf said PIAC had reiterated its position that proceeds from liftings of JOHL and other subsidiaries of the Ghana National Petroleum Corporation (GNPC) constituted petroleum revenues within the meaning of Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815) and Section 2 of the Petroleum Revenue Management (Amendment), 2015 (Act 893) and therefore must be paid into the Petroleum Holding Funds.

Touching on the allocation and utilisation of the petroleum revenue, PIAC reported that the total actual petroleum receipts for the period paid into the PHF were US$1,062,323,419.12.

"This was distributed with GNPC receiving US$245,588,510.58, Annual Budget Funding Amount (ABFA): US$485,971,963.64, and the GPFS: US$330,579,098.26," the report stated.

Touching on the expiry of the priority areas for 2020 to 2022, it was noted by PIAC that new priority areas were selected for the utilisation of the ABFA for the period 2023 to 2025.

The chairperson explained that the selection of priority areas every three years had become necessary due to the absence of a long-term national development plan approved by Parliament.

It observed that since the coming into force of the Petroleum Revenue Management Act (PRMA) in 2011, the use of the ABFA has been guided by a medium-term development strategy without a long-term national development plan approved by Parliament.

PIAC therefore recommended that the selection of the ABFA Priority Areas must be guided by a long-term national development plan approved by Parliament in conformity with the Act.