The Ghana National Petroleum Corporation (GNPC) achieved a significant rise in profits in 2024 despite a slight decline in crude oil liftings, according to the Corporation’s latest Annual Report.
The performance, driven by efficient commercial strategies and prudent risk management, reflects the resilience of Ghana’s national oil company amid global market uncertainties and the ongoing energy transition.
According to the report, GNPC recorded an average crude price of US$81.15 per barrel, a 7.57 percent premium above the dated Brent benchmark, and 1.82 percent higher than in 2023.
“Despite the reduction in liftings from 10 parcels in 2023 to 9 in 2024, the Corporation ended the year with a significant increase in profit.
“This outcome underscores the Corporation’s prudent commercial strategy, disciplined execution, and resilience in a complex market environment.”
GNPC’s 2024 Annual Report
The Corporation attributed the strong financial results to its enhanced operational efficiency, improved trading strategies, and consistent delivery on production and marketing targets.
The stable global oil price environment also provided room for better planning and performance, with GNPC successfully navigating logistical and regulatory challenges that affected many producers worldwide.
Sustaining Performance Amid Global Transition
The report also highlighted GNPC’s increasing focus on sustainability and diversification, in line with the global shift toward cleaner energy.
“The global shift toward sustainability reinforced the importance of strategic diversification, operational agility, and climate-conscious practices.”
GNPC’s 2024 Annual Report
In this regard, GNPC advanced initiatives to reduce its carbon footprint, promote environmental stewardship, and strengthen community resilience through targeted Corporate Social Investment (CSI) programs.
These interventions, the Corporation said, reflect its commitment to aligning operations with Ghana’s broader energy transition agenda and the Paris Climate Agreement targets.
“As the Corporation deepened its subsidiarization strategy, it expanded its operational scope and technical capacity to remain relevant and competitive in a world transitioning toward cleaner energy.
“GNPC remains committed to responsible resource development, national energy security, and the creation of long-term value for Ghana.”
GNPC’s 2024 Annual Report
Production Trends: Jubilee Still Dominates
In terms of production, Ghana’s three producing oil fields, Jubilee, TEN, and Sankofa Gye Nyame (SGN) collectively produced 48.24 million barrels of crude oil in 2024, a marginal 0.01 percent decline from 48.25 million barrels in 2023.
The Jubilee Field maintained its position as the country’s top producer, contributing 31.85 million barrels, representing 66 percent of total national output.
The Tweneboa-Enyenra-Ntomme (TEN) Field produced 6.78 million barrels (14%), while SGN delivered 9.61 million barrels (20%).
GNPC’s equity share of crude oil production for 2024 stood at 7.28 million barrels, slightly lower than the 7.38 million barrels recorded in 2023, marking a 1.3 percent decline.
Of this, Jubilee contributed 4.34 million barrels (60%), TEN contributed 1.02 million barrels (14%), and SGN contributed 1.92 million barrels (26%).
The decline, GNPC explained, was mainly due to natural field decline. However, the Corporation implemented reservoir management strategies to slow production drops and enhance recovery rates.
The report stated, “The Corporation achieved approximately 94% of its benchmarked volume of 51.15 million barrels across the three fields,” citing “decreased output from the Jubilee and TEN fields” as the main reason for falling short of the production target.
Despite these challenges, operations across the fields remained stable, with production performance aligning with forecasts. GNPC noted that “ongoing efficiency measures continued to mitigate production declines across the assets,” ensuring consistent revenue flows for the state.
Crude Liftings: Strong Output from Jubilee and SGN
The report provided detailed insights into GNPC’s crude oil liftings across the three major fields in 2024.
At the Greater Jubilee Field, a total of 33 parcels of crude oil, equivalent to 31.46 million barrels, were lifted slightly up from 32 liftings totaling 30.40 million barrels in 2023. Out of these, the Ghana Group (GNPC and the Government of Ghana) lifted six parcels, totaling 5.72 million barrels.
From the TEN Field, seven parcels, equivalent to 6.61 million barrels, were lifted during the period. The Ghana Group’s share accounted for one parcel totaling 994,698 barrels. This was lower than the 2023 figure of two parcels (1.99 million barrels).
In the Sankofa Gye Nyame (SGN) Field, ten parcels totaling 9.43 million barrels were lifted in 2024. Of this, GNPC lifted two parcels totaling 1.83 million barrels — comprising 905,434 barrels from its Carried and Participating Interest (CAPI) and 929,365 barrels as Royalty.
This represented a marginal decrease compared to 2023, when eleven parcels (10.58 million barrels) were lifted, including two GNPC parcels (1.95 million barrels) and a royalty cargo of 948,881 barrels.
The Corporation’s strong 2024 performance, achieved amid modest output, underscores its growing commercial maturity and its balancing act between profitability and sustainability.
Looking ahead, GNPC has pledged to sustain investments in production optimization, deepen its presence in the gas value chain, and continue building technical capacity to prepare for a diversified, lower-carbon energy future.
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