ACCRA, Oct 9 (Reuters) - Ghana's crude oil output fell

25.9% year-on-year in the first six months of 2025, the lowest

half-year level since 2016, due to lower production at major

fields, the country's public interest and accountability

committee (PIAC) said on Thursday.

Crude oil production in Ghana, Africa's leading gold

producer, began in 2010, but output fell to a five-year low in

2023 due to production declines in existing fields.

However, in the first six months of 2024 output increased by

10.7%, driven mostly by Tullow and Kosmos Energy's ( KOS )

Jubilee South East project.

PIAC, a state body tasked with monitoring the sector, said

in a semi-annual report that oil production dropped to 18.4

million barrels by June 2025 from 24.9 million barrels in the

same period last year due to natural reservoir declines and

scheduled shutdowns at major fields.

Output from the flagship Jubilee field slid 32.8% to 11.0

million barrels, largely due to maintenance shutdowns between

March and April.

PIAC also said no new petroleum agreements have been signed

since 2018, warning that dwindling investment and ageing fields

pose structural risks to the sector.

Gas output also saw a 6.7% decline to 130,466 million

standard cubic feet by June, the report said.

In its 2025 budget, the government has projected 16.5

billion cedis ($1.35 billion) in petroleum revenue. However,

lower volumes and oil prices hit state receipts.

The half-year report from PIAC indicated a 56% drop in

petroleum revenue to $370.3 million by June.

($1 = 12.2000 Ghanaian cedi)

(Editing by Ayen Deng Bior, Anait Miridzhanian and Joe Bavier)