Page 9 - AfrOil Week 39 2022

AfrOil PERFORMANCE AfrOil

Meanwhile, another $183.02mn went to the production climb by 57.6% y/y to 14,906,957
government for the annual budget funding barrels (82,358.88 bpd), according to data pre-
amount (ABFA), while $173.84mn went to sented by PIAC. It was driven by downturns at
Ghana National Petroleum Corp. (GNPC). the Tweneboa-Enyenra-Ntomme (TEN) and
The committee also noted that petroleum Sankofa-Gye-Nyame (SGN) blocks, where
revenues had gone up in the January-June output slumped by 17% and 25.4% y/y to
period despite a drop in production at offshore 4,394,067 (24,276.61 bpd) and 6,560,786 barrels
fields, which account for the bulk of the coun- (36,247.44 bpd), respectively.
try’s output. This is presumably because of the Ghana also saw cumulative raw gas produc-
sharp increase in world energy prices during H1 tion, including both natural gas and associated
2022. gas, decline in the first half of the year, with total
PIAC data show that Ghana extracted a total volumes dropping to 124.94879 bn cubic feet
of 25,861,810.42 barrels of crude oil from its (3.538bn cubic metres), down by 2% on the fig-
three producing offshore blocks, equivalent to ure of 127.49604 bcf (3.61 bcm) posted in the
142,882.93 barrels per day (bpd), in the first half same period of 2021.
of 2022. This is down by 6.9% from 27,767,859 Once again, the decline was not consistent
barrels (153,413.59 bpd) on the same period of across all offshore fields. SGN’s raw gas pro-
2021. duction was up by 5.1% y/y, while Jubilee and
The fall occurred despite an uptick in TEN saw yields decline by 7.2% and 0.2% y/y,
yields at the Jubilee offshore field, which saw respectively. ™

NPA chief notes 41% growth in

Ghana’s fuel demand in 2021

GHANA GHANA’S demand for petroleum products
surged by an unprecedented 41% to reach an
average value of 7% of the gross domestic prod-
uct (GDP) in 2021, Asaase Radio has reported,
citing Dr. Mustapha Abdul-Hamid, CEO of the
National Petroleum Authority (NPA).
Abdul-Hamid noted this development in a
speech at the opening of the 12th Ghana Inter-
national Petroleum Conference (GhIPCon),
held in Accra on Wednesday (September 25).
He attributed the significant surge in consump-
tion partially to the various technology-based
schemes and interventions that NPA has imple-
mented in recent months to curb illicit activities
in the fuel sector, Asaase Radio noted.
He also highlighted changing conditions in
the industry. “Africa’s petroleum downstream
sector is entering a new era. As the world looks Ghana’s petroleum product sales rose by 41% y/y in 2021 (Photo: NPA)
to accelerate its transition away from fossil fuels,
the pressures on our industries are mounting,” on sulphur content in motor fuels down to a
he was quoted as saying. much lower level of 50 parts per million (ppm).
“We are all exposed to the global energy “We at the National Petroleum Authority are
transition, as our countries depend on oil and committed to reducing the emissions from the
gas revenues. Ghana’s petroleum downstream energy products we consume in Ghana, and this
industry, which has an annual sales value of culminated to the reduction of sulphur content
about GHS32.94bn [$3.17bn], according to in transport and industrial fuels from a maxi-
2021 estimates, contributes 7.2% of the country’s mum of 5,000 ppm to a maximum of 50 ppm,”
GDP. This represents a 41% increase in demand he explained.
for fossil fuels as compared to 2020. This is an GhIPCon 2022 was convened to help formu-
unprecedented surge in consumption of fossil late and promote the downstream petroleum
fuels when the annual average over the years had sector’s perspective and guidance on issues of
been between 5% and 7%,” the NPA CEO added. governmental policy and regulatory framework.
As part of the fight against climate change, It also highlights best practices for the advance-
Abdul-Hamid said, NPA had brought the cap ment of the industry within the sub-region. ™

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