President John Dramani Mahama has intensified efforts to revive Ghana’s declining oil industry, announcing a new offshore hydrocarbon discovery in the Deepwater Cape Three Points block in the Tano Basin.
The discovery, made by Planet One Oil and Gas Limited in partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC), is expected to strengthen prospects for renewed exploration and investment in the country’s petroleum sector.
The Nya Gyidie-1X exploration well contains gas and condensate, although the estimated size of the discovery is yet to be determined.
President Mahama announced the development, describing it as an important milestone for Ghana’s petroleum industry, particularly because it represents the country’s first successful test of a Cenomanian-Turonian carbonate play.
“Nananom and distinguished guests, I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, Goil Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery,” he said.
The well was drilled within the Deepwater Cape Three Points contract area, targeting the Cenomanian-Turonian geological formation, with the Lower Albian formation serving as a secondary exploration objective.
Beyond the discovery, the President used the announcement to highlight his government’s efforts to reverse the decline in crude oil production by restoring investor confidence, resolving outstanding disputes with petroleum operators and attracting fresh capital into the industry.
He disclosed that Ghana’s crude oil production had increased to more than 120,000 barrels per day, while existing operators had made significant financial commitments towards expanding their operations.
According to him, partners in the Jubilee field have committed approximately US$2 billion, while additional investments involving Tullow and its partners are expected to support exploration, infrastructure development and production expansion.
President Mahama stressed that Ghana must continuously discover new reserves to replace oil resources depleted through production, identifying the ultra-deepwater Voltaian and other sedimentary basins as areas with further exploration potential.
As part of measures to improve the investment climate, he disclosed that amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet for consideration.
The proposed amendments are expected to introduce improved incentives and create a more attractive regulatory environment for companies interested in investing in Ghana’s upstream petroleum industry.
President Mahama said the government was determined to ensure that new discoveries and investments generated broader economic benefits, particularly through employment creation, local business participation and opportunities for Ghanaian companies.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he stated.
