Ghana is stepping up efforts to reverse years of declining crude oil production, targeting at least six new petroleum agreements with international oil companies by the first quarter of 2027.
The government says the agreements are expected to attract fresh investment into the upstream petroleum sector, increase exploration activities and secure long-term growth in oil production.
Minister for Energy and Green Transition, Dr John Abdulai Jinapor, disclosed this at the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi on Tuesday, November 10.
He named Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil among the international companies with which Ghana is currently engaged in discussions.
According to him, government is working to restore investor confidence by improving policy certainty, regulatory predictability and the overall investment environment.
The renewed investment drive follows a prolonged decline in Ghana’s crude oil output, which has dropped from a peak of approximately 71 million barrels annually to about 37 million barrels.
Dr Jinapor said the decline had affected economic activities in Takoradi and other parts of the Western Region, making the recovery of the petroleum sector a priority for government.
He, however, announced that daily crude oil production had increased from approximately 90,000 barrels to 122,000 barrels, describing the development as the first reversal of the declining trend in six years.
The Minister said government was determined to build on the improvement by moving beyond production stabilisation to sustained growth through increased exploration, reserve replacement and long-term investment.
He identified the Ebano-Afoma field, the Pecan field and the deepwater Keta prospects as some of the discoveries being prioritised for development.
As part of efforts to strengthen the country’s energy infrastructure, Dr Jinapor also announced plans to begin construction of Ghana’s third gas processing plant, with a groundbreaking ceremony expected next month.
Local content and investor confidence
Beyond attracting foreign investment, the Minister said government was committed to expanding Ghanaian participation in the upstream petroleum industry.
He disclosed that Ghanaians currently account for approximately 90 per cent of the upstream petroleum workforce, while the value of local content had increased from about US$227 million in 2024 to US$450 million.
He said sustaining the gains would require stronger partnerships between local and international companies, technology transfer, skills development and increased opportunities for indigenous businesses.
Dr Jinapor also welcomed a Memorandum of Understanding between the Ghana National Petroleum Corporation (GNPC) and Eni, describing the associated gas sales agreement as an important development for the country’s energy sector.
He cautioned that Ghana faced growing competition from other African petroleum-producing countries for limited global exploration capital and could no longer depend solely on its petroleum potential to attract investors.
The conference, which coincides with the Petroleum Commission’s 15th anniversary, is being held under the theme: “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reform and Partnership to Spur Competitiveness and Investment.”
