Ghana’s next oil bet: Can the Voltaian Basin end the country’s dependence on offshore fields?

The Ghana National Petroleum Corporation (GNPC) is exploring the potential of the Voltaian Basin as a new source of oil for the country. Currently, Ghana's oil output is sourced from three offshore fields: Jubilee, TEN and Sankofa. However, GNPC believes drilling on land in the Voltaian Basin, which covers about 40% of the country's land area, could provide a new, onshore source of petroleum.

The basin was first mapped in the 1950s and 60s, and Soviet and Shell teams found signs of oil and gas in the 1970s. However, the basin went quiet for about three decades until GNPC began a structured exploration program in 2005. Since then, GNPC has committed US$160 million to the basin, including 6,000 line-km of 2D seismic data, 1,539 soil and rock samples, and three exploration licenses.

Despite these efforts, the possibility of finding enough oil to justify drilling remains uncertain. Nevertheless, GNPC sees the project as a test of its own capabilities and readiness to take over the upstream petroleum industry. If successful, the Voltaian Basin could provide Ghana with a significant share of the revenue from the project for the first time, and potentially lead to the company being listed on the Ghana Stock Exchange.

However, the project is not without challenges, and drilling could be delayed into 2027. Even if oil is found, it remains to be seen whether GNPC can run the project on its own, on time and on budget.