Explorco reports improved 2025 performance ahead of Voltaian Basin drilling
GNPC Exploration and Production Limited (Explorco) says its financial position improved in 2025 as it prepares for an onshore drilling campaign in the Voltaian Basin in the fourth quarter of 2026. The company reported growth in revenue and profitability, stronger cash generation and a significant reduction in overall borrowings, according to its Managing Director, Samuel Opoku Arthur. He…
Explorco, a subsidiary of Ghana National Petroleum Corporation, reported enhanced financial performance in 2025 as it readies for drilling operations in the Voltaian Basin during the fourth quarter of 2026. Managing Director Samuel Opoku Arthur shared this financial growth at the company's inaugural Annual General Meeting (AGM) held on October 27, 2026, at the Accra Marriott Hotel.
Mr Arthur emphasized that the strengthened financial foundation would enable future investments, while also acknowledging the company's ongoing management of outstanding obligations and receivables. He outlined operational advancements across the Jubilee, Tweneboa, Enyenra, and Ntomme (TEN) fields and preparations for the Voltaian Basin drilling campaign.
Board Chairman Dr Aaron Issa Anafure highlighted the need for Explorco to possess robust technical skills, disciplined project management, efficient procurement, and stringent risk management, particularly as it transitions to direct operatorship. He stressed that safety, accountability, and stakeholder trust were paramount to establishing a credible Ghanaian operator.
Dr Anafure also described the Voltaian Basin project as an opportunity to bolster national capacity and develop expertise that could shape the future of Ghana's upstream petroleum industry.
Deputy Minister for Energy and Green Transition Richard Gyan-Mensah reiterated the government's expectations that Explorco would fulfill its commitments, including the commencement of the onshore drilling campaign as planned in the fourth quarter of 2026. He urged the company's leadership to adhere to due process and carry out thorough due diligence throughout the project's execution.
The AGM convened board members, executives from the parent company GNPC, government officials, and industry stakeholders, including the Deputy Minister, Dr Anafure, Mr Opoku Arthur, and GNPC CEO Kwame Ntow Amoah, along with representatives from various GNPC subsidiaries and external auditors Deloitte Ghana.
At the AGM, Explorco reaffirmed its commitment to enhancing operational efficiency, bolstering local content participation, and preserving high safety standards as it strives to achieve full operational capability and financial discipline in its upstream petroleum operations. The planned drilling campaign in the Voltaian Basin is anticipated to serve as a crucial evaluation of the company's operational readiness and its aim to increase Ghanaian involvement in upstream petroleum activities.
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