Ghana’s crude oil production has declined for the sixth consecutive year, dropping from a peak of 71.44 million barrels in 2019 to 37.3 million barrels in 2025, according to the 2025 annual report by the Public Interest and Accountability Committee (PIAC).
The drop represents a compounded annual average decline of nine percent, which PIAC stated confirms the widely held view that Ghana’s oil fields have peaked and are on a downward spiral.
To address the shortfall, PIAC recommended that the government, through the Petroleum Commission, develop a framework to improve investment in existing producing fields, improve existing regulatory and fiscal frameworks, and acquire data in new basins.
The committee specifically highlighted the Tweneboa Enyenra Ntomme (TEN) field, operated by Tullow Ghana Limited, where production has underperformed initial projections and experienced a persistent decline from over 40,000 barrels of oil per day (bopd) in 2017 to approximately 16,000 bopd in 2025. The report noted that no drilling or completion activity took place on the TEN field during the year.
Geological constraints also forced the reinjection of about 81 percent of the gas produced at the TEN field. Furthermore, the field’s economics have been squeezed by high fixed costs from leasing the Floating Production Storage and Offloading (FPSO) vessel, the Prof. John Evans Atta Mills.
In response, joint venture partners Tullow (54.84%), GNPC/Explorco (20.95%), Kosmos (20.38%), and PetroSA (3.82%) signed a Sale and Purchase Agreement in February 2026 to buy the FPSO for $205 million to eliminate lease costs and extend the field’s life through 2040. However, PIAC pointed out that the vessel was built in 1998 and will be nearly 30 years old by its 2027 transfer date.
Financially, the government owes Tullow roughly $50 million in TEN-specific development debt alongside broader gas payment arrears, while GNPC’s carried development costs remain partially unresolved. These outstanding debts materially impacted Tullow’s 2025 free cash flow.
“Tullow has noted its 2025 free cash flow was materially impacted. PIAC recommends the Petroleum Commission conduct a comprehensive review of TEN’s cost history and procurement decisions, ensure the FPSO acquisition is subject to independent scrutiny, and require transparent reporting on production optimisation and infill drilling plans,” the report stated.