President John Dramani Mahama has announced a new offshore hydrocarbon discovery in Ghana's Deepwater Cape Three Points block in the Tano Basin. The discovery was made by Planet One Oil and Gas Limited in partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC). The find contains gas and condensate, although its estimated size has not been established. This development could boost government revenue and attract fresh investment into the petroleum sector.
The discovery was made following the drilling of the Nya Gyidie-1X exploration well. President Mahama described it as an important milestone for Ghana's petroleum industry. The well was drilled to test the Cenomanian-Turonian play, with the Lower Albian formation also targeted as a secondary objective. The President emphasized that the exploration success reflects growing investor confidence in Ghana's upstream petroleum industry.
President Mahama's announcement fulfills a commitment made by Planet One Oil and Gas Limited. The President stated that his administration is working to restore investor confidence, resolve outstanding disputes with operators, and attract new investments to reverse the decline in oil production. Crude oil production has increased to more than 120,000 barrels per day. Existing operators have committed substantial investments to new projects, including US$2 billion from the Jubilee partners.
The President highlighted the need for continued investment to replace reserves depleted through production. He pointed to the potential of the ultra-deepwater Voltaian and other sedimentary basins. To incentivize investors, amendments to the Petroleum Exploration and Production Act have been submitted to Cabinet. The proposed changes aim to introduce improved incentives for investors.
President Mahama stressed that the government wants the discovery and renewed investments in the sector to create jobs, expand opportunities for local businesses, and increase the participation of Ghanaian companies in the petroleum industry. The goal is to turn these resources into jobs and opportunities for millions, ultimately delivering a tangible improvement in the lives of Ghanaian people.
The new discovery could strengthen Ghana's position as one of West Africa's key oil-producing countries. The country's petroleum industry has seen significant investments in recent years, with Tullow and its partners expected to support exploration, infrastructure development, and increased production. The government is working to ensure that the benefits of these investments are felt by the local population.
The hydrocarbon discovery at the Nya Gyidie 91X Well in the deep-water Cape Three Points contract area marks Ghana's first successful test of a Cenomanian-Turonian carbonate play. The President expressed his satisfaction with the outcome, emphasizing the importance of this milestone for Ghana's petroleum industry. The government will continue to work towards maximizing the benefits of this discovery for the country.
Key points
- The new oil and gas discovery in the Tano Basin could boost government revenue and attract fresh investment into Ghana's petroleum sector.
