GNPC turns 40, targets oil production recovery and $3.5bn fresh investment

The Ghana National Petroleum Corporation (GNPC) marked its 40-year history by focusing on oil production recovery, gas commercialisation, expanded exploration, and attracting $3.5 billion in fresh investment. At its 3rd Annual General Meeting held in Accra, GNPC reviewed its performance in 2025 and laid out plans for future growth.

GNPC Board Chairman Prof. Joseph Oteng-Adjei emphasized the Corporation's resilience, adaptability, and commitment to creating lasting value for Ghana. Despite a fifth consecutive year of declining crude oil production, GNPC stabilized output through partnerships with operating partners on the Jubilee, TEN, and Sankofa Gye Nyame fields, resulting in an average daily production of 102,199 barrels.

Gas exports for domestic use reached 336 million standard cubic feet per day, exceeding the annual target. Financial performance improved, with Group revenue increasing by 3.66% to US$1.64 billion, with gas revenue accounting for 65.6% of standalone revenue. GNPC secured US$3.5 billion in new investment through extensions of Petroleum Agreements covering Deepwater Tano, West Cape Three Points, and Offshore Cape Three Points.

The Corporation also reported progress in expanding Ghana's future resource base, with the Eban-Akoma discoveries reaching commerciality and preparations underway for an exploration well in the Voltaian Basin. Minister of Energy and Green Transition, Dr John Abdulai Jinapor urged GNPC and industry players to shift from resilience to renewal, growth, and long-term sustainability, emphasizing the need for enhanced recovery, infill drilling, sophisticated reservoir management, and timely capital investment.