Ghana’s upstream petroleum sector is experiencing a strong revival after years of decline, driven by renewed investor confidence, new oil discoveries, and significant financial commitments from industry players. These were outlined by the minister for Energy and Green Transition John Abdulai Jinapor at government’s Accountability Series held in Accra.
According to recent updates from the Ministry of Energy and the Ghana National Petroleum Corporation (GNPC), both domestic and international oil companies have ramped up activity in the sector, buoyed by a stable regulatory environment and deliberate government efforts to promote exploration
Exploration Activity Picks Up
The minister said government has intensified its promotion of Ghana’s offshore sedimentary basins, engaging major international oil companies in a bid to attract exploration interest. These efforts have led to increased activity in various oil blocks, including the progression of mandatory exploration drilling programs by GNPC and its partners. He said for now some major international companies including Exxon Mobil, Chevron, Shell and several have expressed in taking up interest to explore Ghana’s sedimentary basins. The minister noted that the onshore Voltaian Basin is still very promising for exploration soon.
Regulatory extensions have been granted to support exploration timelines, and negotiations with rig service providers are underway, signaling renewed momentum in offshore drilling operations.
Commercial Discoveries Declared
The minister said the sector received a major boost with the successful appraisal and declaration of commerciality for several oil discoveries. These include the Afina discovery in the West Cape Three Points (WCTP) Block 2 and the Eban-Akoma discoveries in Central Tano Block 4 (CTP-4).
The commercial status means these fields will now move into development and production phases, expected to increase Ghana’s oil output and government revenues in the near future. Notably, the Eban-Akoma discovery is set for accelerated development through a tie-back to the existing OCTP infrastructure. Appraisal work on the Aprokuma prospect is also ongoing.
$2 Billion Investment for Jubilee and TEN Fields
Mr. Jinapor said in a major vote of confidence, partners operating in Ghana’s Jubilee and TEN oil fields have committed \$2 billion in investment over the license period. The funding will be used to drill 20 new wells and develop related infrastructure.
The sector minister said the investment was made possible by government reforms aimed at making the industry more investor-friendly. As part of this strategy, the government has extended the West Cape Three Points and Deep Water Tano petroleum agreements to 2040. The move is expected to ensure sustainable hydrocarbon production while allowing investors to recover costs and Ghana to secure its fair share of revenue.
John Jinapor said these developments mark a turning point for Ghana’s oil sector, as the country seeks to solidify its position as a key player in West Africa’s energy market.
“The renewed interest and secured investments show the world that Ghana remains a viable and attractive destination for oil and gas exploration and production,” said the minister.
“The renewed interest and secured investments show the world that Ghana remains a viable and attractive destination for oil and gas exploration and production,” said the minister.
