Ghana's petroleum revenue climbed 52 percent to US$561.41 million in the first half of 2026, up from US$370.34 million in the same period last year, driven by stronger crude prices and an 11.7 percent jump in production, according to the Public Interest and Accountability Committee's 2026 Semi-Annual Report.
PIAC traced the bulk of the gain to higher achieved crude oil prices, which pushed Corporate Income Tax collections up by 37 percent.
The Ghana Group averaged US$92.81 per barrel for the period, well above the government's benchmark of US$76.22, a difference of about 22 percent that fed directly into the revenue numbers.
Production Recovers Across All Three Fields
The revenue boost coincided with a broader recovery in crude output. Total production rose from 18.42 million barrels in the first half of 2025 to 20.58 million barrels this year.
Jubilee led the pack with 12.82 million barrels, followed by SGN at 5.07 million barrels and TEN at 2.68 million barrels. Since commercial production began, Ghana's cumulative crude output has now reached roughly 714.56 million barrels as of the end of June.
Gas production also edged up by about 4.4 percent to 136,151.09 million standard cubic feet, with gains at SGN offsetting declines at Jubilee and TEN.
Gas flaring saw sharp reductions across the board, dropping 74.02 percent at Jubilee, 40.79 percent at TEN and 79.73 percent at SGN compared to the first half of last year.
Outstanding Payments Remain a Concern
Despite the improved numbers, PIAC flagged lingering issues that could complicate the picture going forward. Outstanding surface rental payments stood at approximately US$2.41 million by the end of June, a figure that excludes a further US$1.73 million owed under terminated petroleum agreements.
The report also noted that the Ghana Revenue Authority, the Ghana National Petroleum Corporation, the Ministry of Energy and Green Transition, and international oil companies had still not reached agreement on Additional Oil Entitlement payments, even after repeated benchmark assessments.
PIAC's findings point to a broader structural challenge facing Ghana's petroleum industry.
With limited new exploration and development activity on the horizon, the report stressed that continued investment in existing fields and efforts to attract fresh upstream capital will be critical to sustaining both production levels and revenue growth in the years ahead.
The report cautioned that despite the stronger first-half performance, petroleum revenue remains vulnerable to swings in global oil prices and the timing of crude liftings.
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