President John Dramani Mahama announced a new offshore hydrocarbon discovery in Ghana's Cape Three Points contract area, describing it as a major milestone in the country's efforts to revive exploration and strengthen its upstream petroleum sector. The discovery was made by Planet One Oil and Gas Limited in partnership with World Upstream Limited and the Ghana National Petroleum Corporation (GNPC). This announcement was made at the 2026 Petroleum Commission Local Content Conference and Exhibition in Takoradi on Tuesday, November 10, 2026.
The conference was held under the theme "Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reforms and Partnership to Spur Competitiveness and Investment." President Mahama said the discovery at the Nya Gyidie (Have Faith) 9 1X Well in the deepwater Cape Three Points contract area was Ghana's first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target. He explained that the well also targeted the Albian as a secondary objective.
President Mahama described the discovery as evidence of renewed investor confidence in Ghana's petroleum sector. The President said the name Nya Gyidie (Have Faith) 9 1X Well aptly reflected the government's determination to restore confidence and accelerate responsible exploration. He congratulated Planet One Oil and its partners, urging the Petroleum Commission to intensify efforts to ensure that operators fulfil their exploration and work programme commitments.
President Mahama disclosed that Ghana was beginning to record significant gains from renewed engagement with international oil and gas companies following a period of declining production and investor uncertainty. He revealed that crude oil production had recovered to more than 120,000 barrels per day, following interventions by his administration to resolve outstanding disputes and restore confidence among upstream operators.
According to President Mahama, the Jubilee partners have committed $2 billion in new investments, while partners in the Offshore Cape Three Points project have pledged another $1.5 billion. The investments will support new wells, subsea infrastructure and the expansion of production facilities. President Mahama said the Jubilee investment was expected to sustain oil production and increase gas output.
President Mahama also announced that under renegotiated gas sales agreements with ENI and Vitol, the average gas price was expected to decline by 23%, with projected savings of about $3.5 billion over the remaining life of the field. Ghana currently produces approximately 400 million standard cubic feet of natural gas daily, a figure expected to approach 500 million standard cubic feet following the completion of upgrades to the Offshore Cape Three Points non-associated gas facilities.
President Mahama tasked the Petroleum Commission to ensure that operators engage host communities, minimise environmental and social impacts, and create economic opportunities for residents in areas where they operate. On local content, President Mahama said the country must measure the success of its petroleum industry not only by production volumes and investment commitments but also by the opportunities created for Ghanaian businesses and workers.
Key points
- President Mahama announces new offshore hydrocarbon discovery in Ghana's Cape Three Points contract area.
- The discovery was made by Planet One Oil and Gas Limited in partnership with World Upstream Limited and the Ghana National Petroleum Corporation (GNPC).
- Crude oil production had recovered to more than 120,000 barrels per day.
