Ghana’s petroleum revenue rose by 52 per cent to US$561.41 million in the first half of 2026, supported by higher crude oil prices and an 11.7 per cent increase in production, according to the Public Interest and Accountability Committee (PIAC).
The increase in receipts from US$370.34 million recorded in the first half of 2025 reflects improved revenue performance in the upstream petroleum sector, although PIAC cautioned that earnings remain vulnerable to fluctuations in international oil prices and the timing of crude oil liftings.
In its 2026 Semi-Annual Report, PIAC attributed the revenue growth largely to higher achieved crude oil prices, which contributed to a 37 per cent increase in Corporate Income Tax collections.
The Ghana Group recorded an average crude oil price of US$92.81 per barrel during the period, approximately 22 per cent above the government’s benchmark price of US$76.22 per barrel.
The stronger price performance, coupled with increased production, boosted petroleum receipts during the six-month period.
Crude oil production rebounds
Crude oil production from Ghana’s three producing fields increased to 20.58 million barrels in the first half of 2026, up from 18.42 million barrels in the corresponding period of 2025.
The Jubilee Field remained the largest producer, contributing 12.82 million barrels, followed by the SGN Field with 5.07 million barrels and the TEN Field with 2.68 million barrels.
The increase represents an improvement in output across Ghana’s producing petroleum assets, with cumulative crude oil production reaching approximately 714.56 million barrels by the end of June 2026 since commercial production began.
Gas production also recorded growth, rising by about 4.4 per cent to 136,151.09 million standard cubic feet.
According to PIAC, increased gas output from the SGN Field offset declines in production from the Jubilee and TEN fields.
The report also highlighted improvements in gas-flaring performance across all three fields.
Gas flaring declined by 74.02 per cent at Jubilee, 40.79 per cent at TEN and 79.73 per cent at SGN compared with the first half of 2025.
The reductions point to progress in limiting the wasteful burning of associated gas, although sustaining the gains will require continued attention to gas-handling infrastructure and operational efficiency.
Outstanding payments and revenue risks
Despite the improved revenue and production figures, PIAC identified outstanding financial obligations and unresolved issues that could affect petroleum-sector revenue administration.
Surface rental payments outstanding at the end of June 2026 amounted to approximately US$2.41 million. This figure excludes an additional US$1.73 million owed under terminated petroleum agreements.
The report also highlighted an unresolved disagreement over the payment of Additional Oil Entitlement (AOE) involving the Ghana Revenue Authority (GRA), the Ghana National Petroleum Corporation (GNPC), the Ministry of Energy and Green Transition, and international oil companies.
The parties had yet to reach an agreement on the payment of AOE, despite continued benchmark assessments.
The outstanding obligations underscore the importance of effective revenue monitoring, timely collection of payments and resolution of disputes to ensure that the country receives the petroleum revenues due to it.
PIAC further cautioned that the increase in receipts should be viewed against the sector’s exposure to international crude oil price movements and the timing of oil liftings, which can influence the amount and timing of revenue flowing into the country.
Investment needed to sustain production
Looking ahead, PIAC’s findings highlight the importance of sustained investment in Ghana’s maturing petroleum sector to maintain production levels and protect future revenue.
Limited new exploration and development activity could constrain output over time unless existing fields receive the necessary investment and new discoveries are developed.
Investment in existing petroleum assets, the development of discoveries and efforts to attract fresh capital into upstream exploration and production will therefore be important to sustaining the sector’s contribution to the economy.
While higher crude oil prices and increased output strengthened petroleum receipts in the first half of 2026, the longer-term performance of the sector will depend on production sustainability, investment decisions and the effective management and collection of petroleum revenues.
