The Ghana National Petroleum Corporation (GNPC) has announced that the Jubilee oil field is now producing over 80,000 barrels per day, exceeding industry projections made two years ago. At the time, analysts had predicted that the field's output would decline to 40,000 barrels a day. The increase is attributed to work carried out by GNPC and its partners over the past several months. This development offers a positive outlook for Ghana's oil revenues, which have been declining.
The turnaround in Jubilee's fortunes comes amid a decline in Ghana's overall crude output. According to industry data, combined production from the Jubilee, TEN, and Sankofa Gye-Nyame fields decreased from 71.44 million barrels annually in 2019 to 37.30 million barrels in 2025. The three fields are Ghana's primary offshore oil producers and have been described as mature fields experiencing natural reservoir decline. Despite this, GNPC's Deputy Chief Executive, Hamis Ussif, expressed optimism about the future of the sector.
Ussif made the remarks at a Technical Consultative Workshop organised by the Public Interest and Accountability Committee (PIAC). The workshop, themed "Building a Resilient Gas Economy: Collaborative Strategies to Ensure an Efficient Gas Value Chain," brought together stakeholders to discuss the country's gas economy and strategies for growth. PIAC is responsible for monitoring and reporting on the use of Ghana's oil and gas revenue.
The increase in Jubilee's output is a significant development for Ghana's public finances, as petroleum receipts remain a crucial component of the country's revenue. A sustained rise in Jubilee output could help slow the decline in oil revenue that has concerned policymakers in recent years. The GNPC has announced $3.5 billion in upstream investments, which are expected to boost gas supply for the country.
However, concerns about gas supply persist. Henry Mensah, Director of Operations at the Petroleum Commission, noted that Ghana's gas resources are strategically important for energy security and industrial growth. He highlighted that natural gas has reduced the country's reliance on costly imported liquid fuels. Despite this, experts warn that the sector still faces serious challenges, including reservoir decline and complex gas pressure management.
Kwame Sarkodie of the Department of Petroleum Engineering at the Kwame Nkrumah University of Science and Technology (KNUST) cautioned that Ghana's oil and gas sector faces significant challenges. He cited disclosures that about 28.5 million units of gas were flared, resulting in an estimated economic loss of $170 million. Sarkodie also projected that domestic gas demand could reach 750 million cubic feet per day by 2030.
Officials have not provided a timeline for implementing the additional Jubilee investments or gas value chain reforms discussed at the workshop. The GNPC and its partners will need to address the challenges facing the sector to ensure a resilient gas economy. The outcome of these efforts will be closely watched by stakeholders, including policymakers and industry experts.
Key points
- GNPC reports Jubilee oil field production has surged to over 80,000 barrels per day.
- The increase is attributed to $3.5 billion in upstream investments by GNPC and its partners.
- Despite the positive development, concerns about gas supply and sector challenges persist.
