Ghana’s petroleum revenue rose by 52% to US$561.41 million in the first half of 2026, from US$370.34 million in the same period in 2025, supported by higher crude oil prices and an 11.7% increase in production, the Public Interest and Accountability Committee (PIAC) has reported.

According to PIAC’s 2026 Semi-Annual Report, the increase was mainly driven by higher achieved crude oil prices, which contributed to a 37% rise in Corporate Income Tax collections.

The Ghana Group recorded an average crude oil price of US$92.81 per barrel, about 22% above the government’s benchmark of US$76.22.

Crude oil production across Ghana’s three producing fields also increased from 18.42 million barrels in the first half of 2025 to 20.58 million barrels in the first half of 2026.

The Jubilee Field produced 12.82 million barrels, followed by the SGN Field with 5.07 million barrels and the TEN Field with 2.68 million barrels.

Cumulative crude oil production since commercial operations began reached about 714.56 million barrels by the end of June 2026.

Gas production also increased by about 4.4% to 136,151.09 million standard cubic feet. Higher output from SGN offset declines in the Jubilee and TEN fields.

Gas flaring also fell significantly during the period. Flaring declined by 74.02% at Jubilee, 40.79% at TEN and 79.73% at SGN compared with the first half of 2025.

Despite the improved performance, PIAC cautioned that petroleum revenue remains exposed to global oil price fluctuations and the timing of crude oil liftings.

The report also identified outstanding surface rental payments of about US$2.41 million as of the end of June 2026. This excludes a further US$1.73 million owed under terminated petroleum agreements.

PIAC said the Ghana Revenue Authority, Ghana National Petroleum Corporation, Ministry of Energy and Green Transition, and international oil companies had yet to agree on the payment of Additional Oil Entitlement, despite continued benchmark assessments.

The Committee also stressed the need to sustain investment in Ghana’s maturing petroleum sector.

It said limited new exploration and development activity makes investment in existing fields, development of discoveries and efforts to attract new upstream capital increasingly important to sustaining production and revenue growth.