PIAC calls for investment in TEN oilfields to boost production

The Public Interest and Accountability Committee (PIAC) has called for urgent measures to attract investment into the Tweneboa, Enyenra and Ntomme (TEN) oilfields to reverse the country’s declining and underperforming crude oil production.

The committee said the TEN fields had yet to realise their full production potential, nearly a decade after they came on stream.

It warned that failure to unlock the fields’ remaining production capacity could undermine Ghana’s efforts to sustain crude oil production and reduce its growing dependence on imported gas.

The call was made at a two-day dissemination workshop on PIAC’s 2026 half-year report at Peduase yesterday.

The workshop brought together news editors, senior journalists, producers, and hosts of radio and television programmes to discuss the report’s findings.

Speaking at the workshop, the Chairman of PIAC, Mr Richard Ellimah, said petroleum receipts increased by 52 per cent, from $370.3 million in the first half of 2025 to $561.4 million in the corresponding period of 2026.

He attributed the increase largely to higher crude oil prices, noting that the average realised price of $92.80 per barrel exceeded the government’s benchmark of $76 per barrel.

Despite the improvement in petroleum receipts, he said sustained investment in existing oilfields was necessary to safeguard Ghana’s petroleum production and revenue outlook.

Mr Ellimah further noted that no lifting was undertaken by the Ghana Group from the TEN field during the period under review, underscoring the need for renewed efforts to attract investment and increase production.

For his part, the Technical Director of PIAC, Mr Mark Agyemang, said Ghana was yet to fully harness the gas potential of the TEN field because of the financial and technical complexities associated with its development.

He warned that unless additional gas production was brought on stream, the country could be compelled to increase gas imports from Nigeria or through liquefied natural gas (LNG).

Mr Agyemang urged the government to engage the petroleum partners to identify the financial and operational challenges confronting the fields and determine the fiscal measures needed to unlock their full production potential.

FROM CLIFF EKUFUL, PEDUASE

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