Two oil companies are set to invest more than $3.5 billion in the country’s upstream petroleum sector.
It comes after the government declared that it had restored confidence and addressed the dwindling oil and gas exploration in the country, repositioning the country in the comity of oil-producing nations in Africa.
The investment
The investment involves the signing of a $1.5 billion memorandum of intent with global major, Eni Ghana, for the investment in the upstream sector, while Jubilee and TEN partners also signed a US$2 billion framework agreement to drill about 20 new wells.
The government said its message to the investor community was clear and deliberate, and that the country was actively working with its partners to unlock new opportunities to attract new investments.
The country, it said, would incentivise the exploration that would replenish the country’s national resource base and ensure long-term energy security, adding that it had created the best ambience and restored investor confidence for bullish exploration and production activities.
Speaking at the premier hosting of the Africa Oil Week in Accra last Tuesday, President John Dramani Mahama encouraged investors to partner Ghana to expand the country’s oil and gas industry.
“Ghana, like most African countries, has large unlicensed acreages across our onshore and offshore sedimentary basins.
The onshore Voltaian Basin presents one of the most exciting frontiers on the continent.
The Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, Explorco, are advancing preparations to drill two exploration wells by the end of the third quarter of 2026.
This presents a unique farm-in opportunity for partners seeking to pioneer Ghana’s onshore potential,” he said
President Mahama insisted that opportunities abounded in the country’s oil and gas industry, and that Ghana had several sedimentary basins with enormous prospects, citing the “derisked Western basin where we have the Jubilee, TEN, and Sankofa Gye Nyame fields”.
“Recently, we reached a $2 billion investment agreement with the Jubilee and TEN partners, and we're now in talks with the Gye Nyame Sankofa partners to speed up and expand activities in the area.
The Central Saltpond and Eastern Keta basins demonstrate significant potential,” he added.
The President said, although Africa held nearly 10 per cent of the world’s proven oil reserves and significant natural gas deposits—with much of these resources still untapped—the benefits were yet to fully reach the people of the continent.
“These resources present an opportunity to transform our continent from a primary exporter of raw commodities into a hub for energy-driven value addition, boosting the petrochemical potential and industrial growth.
Collaborations
The Minister of Energy and Green Transition, John Abdulai Jinapor, said the government would ensure that the industry was back to its glorious days and that the next story would be that of confidence, collaboration and concrete investments.
He said it was reassuring that after 30 years of hosting the Africa Oil Week in Cape Town, South Africa, Accra gave the industry a fresh start, and that “as a country, we are very proud of this achievement”.
He said it was an undeniable fact that Africa stood at a pivotal moment in its energy journey.
Africa’s potential
Mr Jinapor reminded investors that the continent was endowed with more than 125 billion barrels of oil and 620 trillion cubic feet of natural gas, and that the continent could not afford to continue struggling to achieve energy sufficiency.
This platform, he said, must, therefore, provide industry and oil nations with a unique opportunity to share insights, forge partnerships, and explore innovative solutions to meet the continent’s energy needs responsibly and inclusively.
“As of now, the government has already signed a US$2 billion framework agreement with our Jubilee and TEN partners.
This investment is expected to be committed to the drilling of 20 new wells and associated infrastructure over the licence period,” he said.
