Upstream Petroleum Investment Records 20% Growth

The upstream petroleum sector in Ghana saw a 20% increase in investment to $870 million in 2025, up from $725 million in 2024, according to Emefa Hardcastle, Chief Executive of the Petroleum Commission. Despite declining production volumes, the sector generated $770 million in government revenue in 2025. Hardcastle highlighted the sector's continued growth potential and its significant role in Ghana's economy, contributing to government revenues, foreign exchange earnings, employment, and infrastructure development.

The sector remains the 3rd leading exporter, contributing substantially to the country's Balance of Payments. However, Hardcastle warned about the challenges posed by the rapidly changing global energy landscape, including energy transition commitments, climate concerns, technological advancements, and increased competition for investment capital.

She emphasized the need for Ghana to strengthen its position as an attractive investment destination by implementing a stable fiscal regime, transparent regulatory frameworks, and efficient licensing processes. Meanwhile, partners in the Jubilee and TEN fields pledged $2 billion for further development activities to sustain oil production, increase gas output, and reduce the Jubilee gas price by around 18%.

The Offshore Cape Three Points partners also pledged $1.5 billion towards increasing gas exports and developing the Eban-Akoma discoveries and two new exploration ventures. Hardcastle stressed that petroleum investment should be evaluated based on job creation, technology transfer, business development, infrastructure establishment, and industrial capability building, as the upstream petroleum industry has strong links with various sectors that could fuel broader industrialization in the country.