Ghana has taken a significant step to strengthen its upstream petroleum sector with the signing of a Memorandum of Intent with ENI, Vitol, and the Ghana National Petroleum Corporation (GNPC). The agreement, announced at Africa Oil Week in Accra, outlines an integrated strategic investment plan valued at $1.5 billion.
The capital injection is expected to boost oil and gas production capacity, optimise resource utilisation, and deliver critical infrastructure to support Ghana’s long-term energy ambitions. Beyond production growth, the deal signals strong investor confidence in Ghana’s upstream sector and reaffirms the country’s role as a competitive investment destination in Africa.
President John Dramani Mahama underscored the government’s commitment to balancing investor expectations with national interest, highlighting policies designed to create a stable and attractive operating environment.
Central to this strategy is the Gas-to-Power policy, which aims to channel Ghana’s natural gas resources into electricity generation. This initiative is positioned to enhance energy security, diversify the power mix, and reduce reliance on imported fuels, while aligning with the country’s sustainable development goals.
Government officials further emphasised ongoing efforts to reset the upstream petroleum sector following recent declines in production, ensuring resilience and future growth in Ghana’s energy landscape.
