The Petroleum Commission of Ghana has announced that the country has secured approximately $2 billion in additional investment from its partners in the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) oil fields. This development comes after the extension of the petroleum agreements governing both fields to the end of 2040. The extended agreements have provided the government with the opportunity to secure new investment pledges from operators in the two fields, which are among Ghana's largest sources of petroleum revenue.
Emeafa Hardcastle, Chief Executive Officer of the Petroleum Commission, made the announcement at the Commission's 12th engagement with the Western Regional House of Chiefs in Sekondi. According to her, the additional money is expected to go into further development work on both fields and to strengthen the country's upstream production. The investment will likely have a positive impact on Ghana's economy, as the oil and gas sector is a significant contributor to the country's revenue.
The Ministry of Energy and Green Transition has completed a review of Ghana's upstream petroleum legal, regulatory, and fiscal regime, aiming to improve regulatory certainty, predictability, and the competitiveness of the sector. The proposed reforms have been submitted to Cabinet for approval and will subsequently go to Parliament for further approval. Once approved, the reforms are expected to make Ghana's petroleum industry more attractive and draw greater participation from major international oil companies.
Exploration beyond the existing offshore fields is also underway, with the Ghana National Petroleum Corporation's exploration arm, GNPC Explorco, completing studies in the northern part of the Voltaian Basin. A site for an exploration well has been identified, and the company is working to secure a drilling rig. The exploration is targeted for the last quarter of 2026 or the first quarter of 2027. The Commission is also finalizing an onshore strategy for the project in consultation with stakeholders.
The Petroleum Commission has also completed the appraisal of the Eban-Akoma discovery in the Cape Three Points Block Four Contract Area, declaring the find commercial. The contractor is now preparing a Plan of Development for the Commission's review. This development is expected to unlock further investment and revenue for Ghana.
The Commission has suspended proposed offshore reconnaissance mining activities in Ghanaian waters following objections from the Fisheries Commission and the Ghana National Canoe Fishermen Council. The plan was moved forward without prior engagement with the Petroleum Commission, despite its possible effects on marine biodiversity and other maritime interests. The Commission is monitoring the matter and will update the House of Chiefs.
The Petroleum Commission is also engaged in community projects, including the Eni-funded 3.5-kilometre Bakanta Road in the Ellembelle District. Contractors have been selected, and work is expected to begin before early 2027, once regulatory approvals are secured. The Commission has also partnered with the GNPC Foundation and Ghana Gas to support the refurbishment of the Western Regional House of Chiefs auditorium and the renovation of the Intensive Care Unit and Accident and Emergency Centre at Effia Nkwanta Regional Hospital.
Key points
- Ghana secures $2 billion in new investment from oil partners after extending petroleum agreements for Jubilee and TEN oil fields to 2040.
