Ghana targets six new petroleum agreements by Q1 2027 as gov’t courts investors
Ghana is targeting at least six new petroleum agreements with international oil companies by the first quarter of 2027 as government intensifies efforts to attract fresh investment and reverse the sustained decline in crude oil production. The Minister for Energy and Green Transition, Dr John Abdulai Jinapor, says negotiations with several major industry players are […]
Ghana aims to secure six new petroleum agreements with international oil companies by the first quarter of 2027, as the government seeks to boost investment and restore crude oil production. The Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, announced ongoing negotiations with major industry players, including Eni, Vitol, Shell, Chevron, Petrobras, and ExxonMobil.
The discussions are part of a renewed strategy to strengthen Ghana's upstream petroleum sector and restore investor confidence through policy certainty and regulatory stability.
The decline in Ghana's crude oil output, which has dropped from an annual peak of 71 million barrels to around 37 million barrels, has had significant economic consequences, particularly for Takoradi and the Western Region. However, recent developments show a positive trend, with daily crude oil production rising from approximately 90,000 barrels to 122,000 barrels - the first reversal of the downward trend in six years.
The government is prioritizing the development of the Ebano-Afoma field, the Pecan field, and the deepwater Keta prospects to enhance production and expand Ghana's petroleum reserves. Additionally, plans are underway for the construction of Ghana's third gas processing plant, with a groundbreaking ceremony scheduled for the following month.
Dr. Jinapor emphasized the government's commitment to increasing local content in the upstream petroleum industry, with Ghanaian participation currently accounting for about 90% of the workforce. He highlighted that local content value had increased from $227 million in 2024 to $450 million, underscoring the importance of strengthening industry partnerships, technology transfer, skills development, and empowering Ghanaian companies to compete effectively.
The government's efforts come as Ghana competes with other African petroleum-producing nations for limited global exploration capital. Dr. Jinapor stressed the need for Ghana to create the right conditions to remain competitive beyond its petroleum potential. The 2026 Local Content Conference and Exhibition, marking the Petroleum Commission's 15th anniversary, is being held under the theme "Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reform and Partnership to Spur Competitiveness and Investment."
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