Ghana is targeting at least six new petroleum agreements with international oil companies by the first quarter of 2027 as the government intensifies efforts to attract foreign investment and revive the country’s declining crude oil production.
The Minister for Energy and Green Transition, Dr John Abdulai Jinapor, disclosed that negotiations with several major international energy companies were progressing as part of the government’s strategy to revitalise Ghana’s upstream petroleum industry.
Speaking at the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi on Tuesday, November 10, 2026, Dr Jinapor identified Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil as some of the international companies currently engaged in discussions with Ghana.
According to the Minister, the government is implementing measures to restore investor confidence by strengthening policy certainty, improving regulatory predictability and creating a more competitive environment for petroleum investment.
Ghana Moves to Reverse Declining Crude Oil Production
The renewed investment drive comes against the backdrop of several years of declining crude oil production in Ghana.
Dr Jinapor revealed that the country’s annual oil output had dropped from a peak of approximately 71 million barrels to about 37 million barrels, a development that has affected economic activities in Takoradi and other parts of the Western Region.
However, he announced that Ghana’s daily crude oil production had improved from approximately 90,000 barrels to 122,000 barrels.
He described the development as the first significant reversal of the country’s six-year declining production trend.
The Energy Minister stressed that the government’s objective was not simply to stabilise oil production but to achieve sustainable growth through increased exploration activities, reserve replacement and long-term investments in the petroleum sector.
Ebano-Afoma, Pecan and Keta Oil Fields Prioritised
As part of efforts to increase Ghana’s oil and gas reserves, the government is prioritising the development of promising petroleum discoveries, including the Ebano-Afoma field, the Pecan field and deepwater prospects in the Keta Basin.
The development of these oil and gas resources is expected to strengthen Ghana’s position as an attractive destination for international petroleum investment while supporting long-term energy security and economic growth.
Dr Jinapor also announced plans for the construction of Ghana’s third gas processing plant, with a groundbreaking ceremony expected to take place next month.
The proposed facility is expected to contribute to the country’s gas infrastructure and support the effective utilisation of natural gas resources.
Ghanaian Participation in Oil and Gas Industry Increases
On local content development, Dr Jinapor emphasised the government’s commitment to increasing Ghanaian participation in the upstream petroleum industry beyond meeting regulatory requirements.
He disclosed that Ghanaians currently represent approximately 90 per cent of the workforce in the upstream oil and gas sector.
Additionally, the value of local content participation has increased significantly from approximately $227 million in 2024 to $450 million.
The Minister explained that sustaining this progress would require stronger partnerships between international oil companies and indigenous Ghanaian businesses, alongside increased technology transfer, professional training and skills development.
He said creating more opportunities for local companies would help retain greater economic value within Ghana and strengthen the capacity of indigenous businesses to compete in the international petroleum industry.
GNPC and Eni Sign Important Gas Agreement
Dr Jinapor also welcomed a Memorandum of Understanding between the Ghana National Petroleum Corporation (GNPC) and Italian energy company Eni.
He described the associated gas sales agreement as an important development that could support Ghana’s energy sector and improve the utilisation of natural gas resources.
However, he cautioned that Ghana faces increasing competition from other African oil-producing countries seeking limited international capital for petroleum exploration and development.
He stressed that the country’s oil and gas potential alone would not be sufficient to attract investors, adding that Ghana must demonstrate a competitive investment environment supported by reliable policies, effective regulations and strategic partnerships.
Petroleum Commission Marks 15th Anniversary
The 2026 Local Content Conference and Exhibition is being organised as part of activities marking the Petroleum Commission’s 15th anniversary.
The event 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.”
The conference brings together key stakeholders in Ghana’s petroleum industry to discuss reforms, investment opportunities, local content development and strategies for strengthening the country’s upstream oil and gas sector.
Source: newsthemegh.com