The CEO of the Ghana National Petroleum Corporation (GNPC), Joseph Abuabu Dadzie, has responded to concerns about Ghana’s declining crude oil production, as highlighted in the 2023 annual report by the Public Interest Accountability Committee (PIAC).
During his inspection of GNPC’s operational headquarters in Takoradi, Mr. Dadzie downplayed the immediate impact of the decline, but stressed the need for increasing production volumes and reserves.
The PIAC report revealed that Ghana’s crude oil production has decreased for the fourth consecutive year, from 71.44 million barrels in 2019 to 48.25 million barrels in 2023.
“While the report indicates a decline, it’s crucial that we focus on ensuring an increase in our production volumes and reserves. We must strategically position ourselves to mitigate any long-term effects of this decline,” Mr. Dadzie stated.
During his tour of the 90% completed operational headquarters, Mr. Dadzie expressed his satisfaction with the quality of work done by the contractor.
“I’m very impressed with the work that has been done here. The contractor has done a very good job together with the GNPC foundation.
“The quality of finishing is impressive and surpasses typical standards seen in similar office buildings,” he noted.
He also highlighted the importance of the new headquarters in boosting productivity and operational efficiency. “I hope that this will help improve the productivity of the staff who work here. We already have the foundation people working from here, and some of the operational staff will also be brought here to help with our operations,” Mr.Dadzie explained.
The new headquarters, strategically located in Takoradi, is expected to enhance collaboration between GNPC and its partners in the oil industry. “Most of the oil companies who operate in Ghana have their offices here, and their counterparts in GNPC will also have to be stationed here to work with them to bring to fruition whatever objectives that we set for ourselves as far as the various fields are concerned,” Mr. Joseph Dadzie said.
Despite the challenges, Mr. Dadzie remains optimistic about the future of GNPC and Ghana’s oil sector. “We need to increase our production, but you need to also appreciate that revenue is a function of two parameters: price and volume. We’re very fortunate that even though volumes have declined a bit, we’re still in a region of high oil prices, so revenue is still about stable.”