Ghana: GNPC Profit After Tax Rises 24.88% To $374.99 Million Despite Lower Oil Prices

Ghana’s national oil company GNPC increased group profit after tax by 24.88% to $374.99 million in 2025, despite a sharp decline in crude oil prices, Energy Minister John Abdulai Jinapor said.

The group recorded revenue of $1.64 billion in 2025, up 3.66% from $1.58 billion a year earlier.

Jinapor, speaking at GNPC’s Annual General Meeting, said the corporation’s improved profitability came as the average achieved crude oil price fell to $69.47 a barrel in 2025 from $81.15 a barrel a year earlier.

The minister said the results demonstrated GNPC’s resilience amid mature-field decline, subdued upstream investment, infrastructure constraints and liquidity challenges in Ghana’s domestic gas and power sectors.

GNPC’s average crude oil production stood at 102,199 barrels per day in 2025, while gas exports reached 336 million standard cubic feet per day, exceeding a target of 325 million cubic feet per day, Jinapor said.

He, however, warned that Ghana’s upstream sector faced growing pressure from declining production and reserves, with gross reserves falling to 826 million barrels of oil equivalent in 2025 from 860 million barrels of oil equivalent in 2024.

“Every barrel produced must increasingly be matched by new reserves,” Jinapor said, calling for faster field development, appraisal and exploration and quicker regulatory approvals.

The government will work with GNPC, the Petroleum Commission and operators to commercialise discovered resources, address infrastructure bottlenecks and create a more predictable investment environment, he said.

Jinapor identified GNPC’s interests in the Pecan, Eban-Akoma, Afina, Pecan North, Almond and Beech prospects, as well as the Eban-Akoma development plan and amended TEN development plan, as strategically important to replacing declining reserves.

The minister also urged GNPC to strengthen its role as an operator and improve its commercial and technical capabilities, saying Ghana could not indefinitely rely on international oil companies for all aspects of upstream development.

For 2026, GNPC is targeting crude oil production of about 103,891 barrels per day and gas exports of 369.8 million standard cubic feet per day, Jinapor said.

He said the government’s priorities included accelerating reserves replacement, increasing gas commercialisation, resolving structural liquidity challenges, attracting responsible upstream investment and strengthening GNPC’s operatorship and revenue assurance.

Jinapor said Ghana would continue to develop its oil and gas resources while pursuing an orderly energy transition, including greater investment in renewable energy, energy efficiency, environmental governance and carbon management.

“Government will provide the policy direction and institutional support required, but GNPC must demonstrate the execution, commercial discipline and leadership necessary to deliver,” he said.