President John Dramani Mahama has revealed that the Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, Explorco, are on course to drill two new exploration wells before the close of the third quarter of 2026.
Speaking at the Africa Oil Week in Accra, the President reiterated his government’s resolve to work closely with both current and prospective investors to expand oil and gas exploration across Ghana’s offshore and onshore basins.
“Ghana, like many African nations, holds vast licensed acreages both offshore and onshore. The onshore Voltaian Basin stands out as one of the continent’s most exciting frontiers. GNPC and Explorco are advancing preparations to drill two new exploration wells by the end of Q3 2026,” President Mahama disclosed.
He described the new wells as a “unique farming opportunity” for investors looking to pioneer Ghana’s onshore petroleum potential.
The President highlighted reforms already underway in the sector, pointing to increased gas production from the Jubilee and OCTP fields, and confirmed that three international oil majors are currently engaged in commercial negotiations with GNPC and the Ghana Negotiations Team — a signal of renewed investor confidence in the country’s sedimentary basins.
Policy and Legislative Reforms
President Mahama also announced that government is conducting a comprehensive review of the Petroleum Exploration and Production Act, 2016 (Act 919) to bring it in line with global industry trends and strengthen Ghana’s upstream framework.
Energy Security and Gas Expansion
On energy security, the President revealed that GNPC, in partnership with Shell and other stakeholders, is renegotiating its liquefied natural gas (LNG) sale and purchase agreement to ensure imports are delivered within the next 18 months.
“This will reduce Ghana’s dependence on costly liquid fuels, enhance energy security, and lower overall energy costs,” he stated, adding that LNG would provide a reliable backup to domestic gas supply.
He further outlined government’s plans to accelerate the rollout of gas infrastructure, including new pipelines, processing facilities, and storage systems, to support efficient delivery from production fields to markets.
Positioning Ghana as a Petroleum Hub
Looking to the future, President Mahama reaffirmed his administration’s ambition to transform Ghana into a regional petroleum hub.
“Our priority is to anchor energy reliability and security through a gas-to-power policy, ensuring natural gas becomes the primary fuel for our thermal plants,” he emphasized.
The announcements mark a significant step in Ghana’s efforts to boost exploration, secure energy independence, and strengthen its positioning in Africa’s oil and gas sector.
