The Tweneboa, Enyenra and Ntomme oilfield recorded the lowest production among the three producing fields, with substantially high production and development costs trends.
According to the 2024 Public Interest and Accountability Committee (PIAC) report, this raises concerns about the viability of the oilfield.
The State’s cost contribution for the year totalled US$89.44 million, relative to revenue from the only lifting in 2024 worth US$73.91 million by the Ghana Group.
PIAC therefore reiterated its recommendation in its 2024 Semi-annual Report that the State conduct cost and technical audits on the TEN Field to establish the basis for cost escalation and technical challenges on the Field in recent years.
GNPC and State Loans
Meanwhile, PIAC is expressing a worrying development where some loan obligations, initially borne by Ghana National Petroleum Corporation (GNPC) on behalf of the State in respect of Karpowership and Litasco guarantees, are being offloaded to GNPC Explorco.
According to the Committee, this will potentially saddle Explorco with debt and defeat its purpose as a solely commercial wing of GNPC capable of sustaining the Corporation when it no longer benefits from disbursements from the Petroleum Holding Fund.
It therefore urged Parliament to take steps to insulate GNPC and GNPC Explorco from loans and guarantees on behalf of the government, its agencies as well as national and local infrastructure projects.
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