President John Dramani Mahama has announced a significant offshore oil and gas discovery in Ghana’s deep-water Cape Three Points Contract Area, describing the development as an important milestone for the country’s petroleum industry.
The President made the announcement on Tuesday while addressing the opening ceremony of the 2026 Local Content Conference and Exhibition organised by the Petroleum Commission in Takoradi.
According to President Mahama, the discovery was made by Planet One Oil and Gas Limited in partnership with Well Upstream Limited and the Ghana National Petroleum Corporation (GNPC).
The offshore exploration success was recorded at the Nya Gyidie 91X well, a Twi expression meaning “Have Faith” or “A Well of Faith.”
President Mahama explained that the discovery involved hydrocarbons in the Cenomanian and Turonian carbonate-clay formations, marking Ghana’s first successful exploration test targeting these geological formations as primary exploration objectives. The Albian formation was also targeted as a secondary exploration objective.
He described the discovery as evidence of growing investor confidence in Ghana’s petroleum sector and the government’s economic reset agenda.
The President congratulated Planet One Oil and Gas Limited and its partners for fulfilling their exploration commitments and achieving what he described as a major breakthrough in Ghana’s offshore oil exploration activities.
Mahama Outlines Plans to Develop Ghana’s Oil and Gas Resources
President Mahama said the government’s immediate priority was to accelerate responsible petroleum exploration and develop the necessary infrastructure to support the sustainable exploitation of Ghana’s oil and gas resources.
He stressed that the country must transform its natural petroleum wealth into meaningful economic opportunities, employment and long-term benefits for Ghanaians.
According to him, the government remains committed to ensuring that discoveries in the upstream petroleum sector translate into local jobs, increased investment, industrial development and improved living standards.
Government Moves to Amend Petroleum Exploration Law
President Mahama also highlighted the importance of Ghana’s petroleum regulatory framework in attracting investment into the oil and gas industry.
He recalled signing the Petroleum Exploration and Production Act, 2016 (Act 919), in August 2016, explaining that the legislation had helped position Ghana’s petroleum industry to respond to developments in the global energy transition.
However, he acknowledged the need to review and amend the law to introduce more attractive investment incentives and strengthen Ghana’s competitiveness in the international petroleum exploration market.
The President disclosed that proposed amendments had received the signatures of the Minister of Energy and Green Transition and the Minister of Finance and had subsequently been submitted to Cabinet for consideration.
The Nya Gyidie 91X offshore discovery is expected to strengthen interest in Ghana’s upstream petroleum sector and create further opportunities for local participation, energy investment and employment as the country works to maximise the benefits of its hydrocarbon resources.
Source: newsthemegh.com