Chairman of the Public Interest Accountability Committee, PIAC, Professor Kwame Adom Frimpong has reiterated an average decline of about 10 per cent in oil production in the last three years.
He attributes this to the outbreak of the COVID-19 pandemic, and other geopolitical concerns, adding that there has been an increase in the arrears for surface rental payment from some international oil firms especially those whose contract has been terminated.
Professor Kwame Adom Frimpong was presenting findings during the launch of the Annual Report on the Use and Management of Petroleum Revenue in the country in Accra.
Despite the increase in revenue however, PIAC observed a decline in annual production from 55,050,391 bbls in 2021 to 51,756,481 bbls in 2022, showing a 5.98 per cent decrease.
The committee also observed that Surface Rental arrears continue to rise as there had been an increase from US$2.58 million in 2021 to US$2.77 million in 2022.
He disclosed that the Ghana Revenue Authority, GRA is making efforts to retrieve the arrears.
“65 per cent (US$1.80 million) of which is owned by four (4) contractors whose Petroleum Agreements were terminated in 2021. Efforts made by the Ghana Revenue Authority to retrieve the arrears are yet to yield the desired results” the report indicated.
