The CEO of Ghana National Petroleum Corporation (GNPC), Joseph Abuabu Dadzie, has expressed concerns over the recent Public Interest and Accountability Committee (PIAC) report, which pointed to a drop in Ghana’s crude oil production.
The report revealed that Ghana’s crude oil production has decreased for the fourth consecutive year, dropping from 71.44 million barrels in 2019 to 48.25 million barrels in 2023.
However, the CEO of GNPC that high oil prices have mitigated the impact of reduced production volumes on Ghana’s petroleum revenues.
He made the remarks in an interaction with the media during an inspection of the GNPC’s Operational Headquarters in Takoradi, which is 90% complete.
“We need to increase our production, but we need to also appreciate that revenue is a function of two parameters, thus price and volume.
“So, we’ve been very fortunate that even though the volumes have declined a bit, we saw in the region of high oil prices, so revenue is still about stable”.
He acknowledged the GNPC’s role in increasing the country’s petroleum volumes and reserves, but voiced hope about future developments.
Nesnwhike, he has also given the assurance that the GNPC Operational Headquarters project would be fully utilized and not become a white elephant.
“I’m very impressed about the quality of finishing that has been done, and I hope that this will help improve the productivity of the staff who work here,” he said.
By: Rainbowradioonline.com/Ghana
