Ghana secures $2b investment in petroleum agreements
Ghana has secured about $2 billion in additional investments from partners in the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) oil fields to boost production following the extension of the respective petroleum agreements to the end of 2040. The post Ghana secures $2b investment in petroleum agreements appeared first on Ghana Business News .
Ghana's Petroleum Commission has secured approximately $2 billion in investments for the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) oil fields, extending the petroleum agreements until the end of 2040. The CEO, Emeafa Hardcastle, shared this information at the Commission's meeting with the Western Regional House of Chiefs in Sekondi.
The additional investments aim to bolster production and strengthen the upstream petroleum sector. The Ministry of Energy and Green Transition has also reviewed the regulatory and fiscal framework to enhance predictability and competitiveness. The Ghana National Petroleum Corporation (GNPC) Explorco has identified a location for an exploration well in the northern Voltaian Basin, with drilling scheduled for late 2026 or early 2027.
The Commission is finalizing an onshore strategy for the project in consultation with stakeholders. The appraisal of the Eban-Akoma discovery in the Cape Three Points Block Four Contract Area has concluded, and the contractor is preparing a Plan of Development. Community development projects, such as the Bakanta Road and hospital renovations, are also progressing.
The Commission has faced increased incursions due to petroleum operations and is addressing concerns through stakeholder engagements and sensitization programs. The Government has suspended offshore reconnaissance mining activities pending proper consultation.
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