Ghana's Oil Sector Sees Significant Developments with Voltaian Basin Drilling and Eban-Akoma Discovery

Ghana's upstream petroleum industry is on the verge of significant expansion, driven by exploration activities in the Voltaian Basin and the Cape Three Points Block 4 area. According to the Petroleum Commission's Chief Executive Officer, Ms. Emeafa Hardcastle, these developments have substantial implications for the national economy, including future revenue streams, energy security, investor confidence, and job creation. The Commission recently engaged with the Western Region House of Chiefs, providing updates on the progress of these projects.

The Voltaian Basin is set to witness drilling activities in late 2026 or early 2027, with GNPC Explorco completing comprehensive studies in Block GH_VB_01 in the northern part of the basin. The company has identified a location for drilling an exploration well and is currently securing a rig to spud the well. Ms. Hardcastle emphasized that at this stage, there is no commercial discovery with no production activities. However, preliminary stakeholder engagement and community consultation have been conducted, and the Commission is finalizing an onshore strategy for the project.

The Voltaian Basin exploration is significant as it represents a potential new frontier for Ghana's petroleum industry. Successful exploration in the northern part of the country could diversify the geographic spread of petroleum activities, potentially opening new economic corridors and reducing dependence on offshore operations alone. Ms. Hardcastle stressed the Commission's commitment to ensuring the National Oil Company follows due process to undertake the project sustainably in the interest of the country.

In a more advanced development, the appraisal of the Eban-Akoma discovery in the Cape Three Points Block 4 Contract Area has been completed, and the discovery has been declared commercial. The contractor is now preparing the Plan of Development, which the Commission is reviewing. A commercial declaration is a critical milestone in the exploration-to-production value chain, signaling that the discovery is economically viable and setting the stage for development, production, and revenue generation for the state.

The Eban-Akoma discovery represents a future addition to Ghana's producing assets, alongside the Jubilee and TEN fields. This development is expected to contribute to the country's economy, providing a new source of revenue. The commercial declaration is a significant step towards unlocking the potential of this discovery and realizing its benefits for Ghana.

In a related development, the Government has secured about US$2 billion from the Jubilee and TEN field partners for additional investments in the two fields. This investment follows the extension of the terms of the West Cape Three Points and Deep Water Tano Petroleum Agreements from 2034 and 2036 to the end of 2040. The CEO stated that these new investments will further boost oil and gas production, directly translating into higher petroleum revenue for the state.

The recent developments in Ghana's oil sector demonstrate a positive outlook for the industry, with significant investments and discoveries expected to drive growth and revenue. The Petroleum Commission's efforts to ensure sustainable development and due process in these projects are crucial in maximizing benefits for the country. As the sector continues to evolve, Ghana is poised to capitalize on its petroleum resources, driving economic growth and development.

Key points

• The Voltaian Basin drilling is expected to commence in late 2026 or early 2027.
• The Eban-Akoma discovery has been declared commercial, paving the way for development and revenue generation.
• The Government has secured US$2 billion in additional investments for the Jubilee and TEN fields.