The Ghana National Petroleum Corporation (GNPC) and its subsidiaries recorded $1.64 billion in revenue in 2025, representing a 3.66% increase from the $1.58 billion recorded in 2024, as the national oil company intensified efforts to reverse Ghana’s declining crude oil production.
On a standalone basis, GNPC generated $1.45 billion from crude oil and gas sales, up 2.92% from $1.41 billion a year earlier.
Crude oil sales accounted for $499.42 million, while gas sales generated $952.38 million, with the company attributing the increase to higher sales volumes, improved pricing and stronger gas commercialisation.
Ghana’s three producing fields recorded total crude oil output of 37.30 million barrels in 2025, while gas production reached 273.78 billion standard cubic feet (MMscf), including 122.72 billion standard cubic feet exported.
Among GNPC’s subsidiaries, GNPC Explorco recorded revenue of $153.6 million, compared with $147.2 million in 2024, while its profit after tax increased to $25.6 million.
Prestea Sankofa Gold Limited generated $33.65 million in revenue and $2.7 million in profit after tax, compared with $23.42 million and $640,000 respectively in 2024.
Mole Hotel Limited also recorded higher revenue of $570,000, compared with $53,986 a year earlier. Meanwhile, Ghana National Gas Company Limited reported revenue of GH¢5.85 billion and profit after tax of GH¢246.25 million, up from GH¢118.16 million in 2024.
The financial results were presented at GNPC’s third annual general meeting in Accra under the theme “40 Years of Resilience.”
GNPC’s performance came amid continued challenges in Ghana’s upstream petroleum industry, which recorded a fifth consecutive year of declining crude oil production and relatively subdued investor activity.
Average daily production from the Jubilee, TEN and Sankofa Gye Nyame fields stood at 102,199 barrels per day in 2025. Domestic gas supply averaged about 336 million standard cubic feet per day, exceeding the annual target of 325 MMscf/d.
GNPC Chief Executive, Kwame Ntow Amoah said measures introduced during the year had helped slow the decline in oil production.
He said the corporation’s 2025 strategy centred on stabilising production, expanding gas commercialisation, advancing exploration and strengthening its ability to operate petroleum assets.
GNPC and its partners also secured extensions to three petroleum agreements covering Deepwater Tano, West Cape Three Points and Offshore Cape Three Points. The extensions are expected to unlock about $3.5 billion in investment over the next three years, according to the company.
The corporation also progressed plans to develop new resources. The declaration of commerciality for the Eban-Akoma discoveries in the Cape Three Points Block 4 has moved the fields into development planning, while preparations are underway for an exploration well in Ghana’s Voltaian Basin, expected to be drilled in the fourth quarter of 2026.
GNPC Board Chairman, Prof. Joseph Oteng-Adjei said the corporation would prioritise reversing the decline in oil production, accelerating gas commercialisation, attracting upstream investment and advancing exploration in the Voltaian Basin.
Energy and Green Transition Minister Hon. Dr. John Abdulai Jinapor said GNPC’s results showed that stronger commercial discipline could improve performance despite challenging market conditions.
Group profit after tax increased by 24.88% to $374.99 million, even though GNPC’s realised crude oil price declined to $69.47 per barrel from $81.15 per barrel in 2024.
Hon. Dr. Jinapor urged the corporation to sustain the gains through disciplined capital allocation, tighter cost management, stronger project execution and improved revenue collection.
He said government would work with GNPC, the Petroleum Commission and industry operators to speed up field development, appraisal and exploration, improve regulatory approval processes, address infrastructure challenges and create a more predictable environment for investors.
He added that the government would review Ghana’s petroleum fiscal framework to reflect changing global market conditions and strengthen the country’s competitiveness in attracting upstream investment.
GNPC said it would continue to focus on restoring production growth, expanding gas commercialisation, strengthening its operatorship capacity and bringing new petroleum resources into production.