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Revenue from crude oil liftings from the Jubilee field fell by 50.5 percent year-on-year, while revenue from liftings from the TEN field declined by 23.4 percent.
Fitch Solutions, the international research firm, has described the near-term outlook for oil production in Ghana as subdued given the impact of the global oil price crash on the industry, which has caused major new projects to be suspended.
Further, technical challenges at both the Jubilee and TEN fields are expected to slow the short-term growth in oil output.
Last week, Tullow Oil, which operates the two fields, announced that its share of gross production from the fields will average 40,500 barrels of oil per day (bopd) in 2021, down from 52,400 bopd in 2020.
For the longer-term outlook, Fitch said the country’s crude oil production remained positive, based on expectations of continued field developments, including development of the Pecan field which has a total expected production capacity of 110,000 barrels per day.
Aker Energy, a Norwegian firm, operates the Pecan field with a 50 percent stake in partnership with Russia’s Lukoil (38 percent), GNPC (10 percent) and Fueltrade (2 percent).
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