Despite efforts by the Ministry of Energy to attract investments into the Upstream Petroleum Industry, there was no Petroleum Agreement signed in 2024.

According to the 2024 Public Interest and Accountability Committee (PIAC) report, this is the fifth consecutive year that no Petroleum Agreement has been signed since 2018.

It is therefore urging Parliament to ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments into Ghana’s upstream petroleum industry.

In terms of crude oil production, it declined for the fifth consecutive year in 2024.

“Production has dropped from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2024 representing a year-on-year decline of 0.01% and a five-year average decline of 7.4%’, the report stated.

The 2024 PIAC Annual Report reconciles and analyses information as well as data from key stakeholder institutions.

The data relates to the exploitation of hydrocarbon resources and associated revenues and expenditures as mandated by the PRMA.

The report also includes inputs from relevant stakeholder institutions.