Ghana: GNPC 2025 Revenue Rises 3.7% To $1.64 Billion As Ghana Moves To Halt Oil Output Decline

Ghana National Petroleum Corporation (GNPC) and its subsidiaries recorded revenue of $1.64 billion in 2025, up 3.66% from $1.58 billion a year earlier, as the state oil company stepped up efforts to stem declining crude production and bring new petroleum resources into development.

GNPC, on a standalone basis, recorded revenue of $1.45 billion from crude oil and gas sales, compared with $1.41 billion in 2024, an increase of 2.92%.

Crude oil sales generated $499.42 million, while gas sales contributed $952.38 million, supported by higher sales volumes, improved pricing and increased gas commercialisation, the company said.

Total crude oil production from Ghana’s three producing fields stood at 37.30 million barrels in 2025, while gas production reached 273.78 billion standard cubic feet (MMscf), with exports totalling 122.72 billion standard cubic feet.

GNPC Explorco recorded revenue of $153.6 million, up from $147.2 million in 2024, while profit after tax rose to $25.6 million.

Prestea Sankofa Gold Limited recorded revenue of $33.65 million and profit after tax of $2.7 million in 2025, compared with revenue of $23.42 million and profit of $640,000 a year earlier.

Mole Hotel Limited recorded revenue of $570,000, compared with $53,986 in 2024. Ghana National Gas Company Limited recorded revenue of 5.85 billion Ghana cedis and profit after tax of 246.25 million cedis, compared with profit of 118.16 million cedis in 2024.

The figures were presented at GNPC’s third annual general meeting in Accra under the theme “40 Years of Resilience”.

GNPC’s performance came against a difficult backdrop for Ghana’s upstream petroleum sector, which recorded a fifth consecutive year of declining crude oil production and subdued investor activity.

Average daily crude oil production from the Jubilee, TEN and Sankofa Gye Nyame fields was 102,199 barrels per day in 2025, while gas supplied for domestic use averaged about 336 million standard cubic feet per day, exceeding the annual target of 325 MMscf/d, the company said.

GNPC Chief Executive Kwame Ntow Amoah said interventions introduced during the year had helped slow the decline in production.

“In the second half of the year, the results of our interventions began to show: a precipitous decline had been averted,” he said.

GNPC’s strategy in 2025 focused on stabilising production, expanding gas commercialisation, advancing exploration and strengthening its capacity to operate petroleum assets, Amoah said.

GNPC and its partners, under the direction of the Ministry of Energy and Green Transition, also negotiated extensions to three petroleum agreements covering Deepwater Tano, West Cape Three Points and Offshore Cape Three Points.

The extensions are expected to unlock $3.5 billion in investment over the next three years, the company said.

The company also advanced plans to develop additional resources. The declaration of commerciality for the Eban-Akoma discoveries in the Cape Three Points Block 4 moved the fields into development planning, while preparations continued for an exploration well in Ghana’s Voltaian Basin, which is expected to be drilled in the fourth quarter of 2026.

GNPC Board Chairman Prof. Joseph Oteng-Adjei said the board’s priorities included addressing the decline in oil production, accelerating gas commercialisation, attracting upstream investment and advancing exploration in the Voltaian Basin.

“These strategic initiatives are essential to strengthening Ghana’s energy security and sustaining the long-term growth of the petroleum sector,” he said.

Energy and Green Transition Minister Dr. John Abdulai Jinapor said GNPC’s financial results demonstrated that stronger commercial discipline could improve performance despite difficult market conditions.

Group profit after tax rose 24.88% to $374.99 million, even as GNPC’s realised crude oil price fell to $69.47 per barrel from $81.15 per barrel in 2024.

Jinapor urged the corporation to build on the improvement through disciplined capital allocation, tighter cost controls, stronger project management and improved revenue collection.

He said the government would work with GNPC, the Petroleum Commission and industry operators to accelerate field development, appraisal and exploration, improve the pace of regulatory approvals, address infrastructure constraints and provide a more predictable investment environment.

“Our policy objective must be to move discovered resources into production faster while creating the conditions for discoveries,” Jinapor said.

He also said the government intended to review Ghana’s petroleum fiscal framework to reflect changing global industry conditions and improve the country’s competitiveness in attracting upstream investment.

GNPC said it would focus on restoring production growth, expanding gas commercialisation, strengthening its operatorship capability and bringing new resources into production as it seeks to build the capacity of the national oil company.