The government is pursuing at least six new petroleum agreements with international oil companies by the first quarter of 2027 as it seeks to attract investment into Ghana’s upstream sector and reverse years of declining crude oil production.

Energy and Green Transition Minister Dr John Abdulai Jinapor disclosed this at the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi on Tuesday, November 10.

He said negotiations were underway with Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil, as government works to improve investor confidence through policy certainty, regulatory predictability and a more attractive business environment.

Ghana’s annual crude oil production has fallen from a peak of approximately 71 million barrels to about 37 million barrels. Jinapor said the decline had affected economic activity in Takoradi and other parts of the Western Region.

He announced, however, that daily production had increased from about 90,000 barrels to 122,000 barrels, describing the development as the first reversal of the downward trend in six years.

The Minister said government would seek to sustain the improvement through increased exploration, replacement of depleted reserves and long-term investment, rather than focus solely on stabilising current production levels.

The Ebano-Afoma field, Pecan field and deepwater Keta prospects are among the discoveries being prioritised for development.

He also announced that construction of Ghana’s third gas processing plant was expected to begin, with a groundbreaking ceremony scheduled for next month.

Jinapor said efforts to revitalise the upstream industry would also involve increasing local participation in the sector.

He disclosed that Ghanaian nationals account for approximately 90 per cent of the upstream petroleum workforce, while the value of local content had risen from about US$227 million in 2024 to US$450 million.

He said further progress would depend on stronger partnerships between industry players, technology transfer, skills development and increased opportunities for indigenous businesses.

The Minister also welcomed a Memorandum of Understanding between the Ghana National Petroleum Corporation (GNPC) and Eni, describing the associated gas sales agreement as a significant development for the energy sector.

He warned that Ghana faced competition from other African petroleum-producing countries for limited international exploration capital, making it necessary to improve the conditions for investment.

According to him, the country’s petroleum resources alone would not be enough to attract investors without a predictable regulatory framework and confidence in government policy.

The conference, which marks 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.”

Ghana seeks new petroleum deals as crude production recovers to 122,000 barrels daily

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