Ghana’s oil and gas sector is attracting renewed investor interest, with commitments totalling $3.5 billion announced by the Jubilee partners and ENI and its partners, according to Ghana Investment Promotion Authority (GIPA) Chief Executive Officer Simon Madjie.
Mr Madjie said the investments, alongside ongoing discussions involving other international oil companies, pointed to continued activity in the country’s petroleum industry.
Speaking on Joy News’ PM Express Business Edition on Thursday, he disclosed that the Jubilee partners had announced a $2 billion investment to finance the drilling of 20 wells in the Jubilee field.
He said a separate $1.5 billion investment announcement by ENI and its partners further demonstrated the level of interest in Ghana’s oil sector.
“The announcements by the Jubilee partners through Cosmos and Co. that they were going to invest $2 billion to drill 20 wells in the Jubilee field,” he said.
He added that the $1.5 billion commitment announced by ENI and its partners was another indication of investment activity in the industry, although he did not provide details of the specific projects it would finance.
Chevron, Shell explore Eastern Keta Basin opportunities
Beyond the announced investments, Mr Madjie identified interest from other international oil companies seeking opportunities in Ghana’s petroleum sector.
He cited a memorandum of understanding signed by Chevron and Shell during Africa Oil Week to explore potential work in the Eastern Keta Basin.
According to him, discussions relating to the basin remain ongoing.
He also mentioned Petrobras as another international oil company that has shown interest in Ghana’s available oil acreages and blocks, noting that the development had been reported in the media.
The GIPA chief executive, however, directed questions about the technical details and status of the exploration opportunities to the Petroleum Commission and the Ministry of Energy.
ExxonMobil’s possible return
Mr Madjie also acknowledged that discussions had taken place concerning a possible return of ExxonMobil to Ghana’s petroleum sector.
He declined to provide further details, saying the matter was not ready for public disclosure.
“I knew that there were some talks for them to come back. It’s not something that can be disclosed now,” he said.
He maintained that any further information on the discussions should come from the Minister of Energy and the Petroleum Commission.
The developments come as Ghana seeks to sustain investment in its petroleum industry through new drilling activities, exploration opportunities and the participation of international energy companies.
While the $3.5 billion figure reflects the investment announcements cited by Mr Madjie, further technical details on the projects, their implementation timelines and the status of the other exploration discussions are expected from the relevant sector authorities.
