Public Interest & Accountability
Committee

Productions and Liftings

ANALYSIS OF THE PRODUCTION AND LIFTING OF CRUDE OIL FROM 2010-2015

 

Year

Annual Production (mmbbls)

Bopd

Cumulative production (mmbbls)

Total Availability (mmbbls)

Total Lfitings(mmbbls)

Stock carried forward (mmbbls)

2010

1,181,088

 

1,181,088

1,181,088

0

1,181,088

2011

24,195,895

66,290

25,376,983

25,376,983

24,450,155

926,828

2012

26,351,278

71,997

51,728,261

27,278,106

26,430,934

847,172

2013

35,587,558

99,685

87,315,819

36,434,730

36,048,290

386,440

2014

37,201,691

101,976

124,517,510

37,588,131

36,988,315

599,816

2015

37,411,661

102,498

161,929,171

38,011,477

37,167,225

844,252


Source:
PIAC Construct from GNPC figures, 2016

Oil production increased steadily from 2010 and peaked around 37 million barrels per day (mmbopd) in 2014 and 2015. Total production at the end of 2015 reached 161.9 million barrels (mmbbls). There was no lifting and no achieved price in 2010 as production started in December of that year and liftings were carried forward and sold the following year. Liftings by the Ghana Group increased with production except for 2015. Stock carried over represents production in a previous year which was lifted the following year. Proceeds from the Ghana Group also increased with rising levels of production up to 2014 but declined sharply despite a minimal increase in production in 2015 due to falling oil prices in the international market.