Ghana Secures $3.5 Billion Investment in Upstream Oil Sector
Ghana’s upstream petroleum sector is poised for a major revival following the announcement of a $3.5 billion investment commitment from global energy players, including Eni Ghana and the Jubilee-TEN partners.
Damian Owusu 
Ghana’s upstream petroleum sector is poised for a major revival following the announcement of a $3.5 billion investment commitment from global energy players, including Eni Ghana and the Jubilee-TEN partners. The deal was unveiled during the inaugural hosting of Africa Oil Week in Accra, marking a significant milestone in the country’s energy development strategy.
The investment package includes:
A $1.5 billion memorandum of intent signed by Eni Ghana to expand upstream operations.
A $2 billion framework agreement with Jubilee and TEN partners to drill approximately 20 new wells and develop associated infrastructure over the license period.
This injection of capital is expected to rejuvenate Ghana’s exploration and production activities, replenish its national resource base, and ensure long-term energy security.
President John Dramani Mahama, speaking at the event, emphasized Ghana’s readiness to partner with global investors: “Ghana has large unlicensed acreages across our onshore and offshore sedimentary basins. The Voltaian Basin presents one of the most exciting frontiers on the continent.”
He highlighted opportunities in the Western Basin, home to the Jubilee, TEN, and Sankofa Gye Nyame fields, and noted ongoing discussions to expand activities in the Central Saltpond and Eastern Keta basins.
Minister of Energy and Green Transition John Abdulai Jinapor underscored Africa’s vast energy reserves—over 125 billion barrels of oil and 620 trillion cubic feet of natural gas—and called for strategic partnerships to unlock this potential. “This platform must provide industry and oil nations with a unique opportunity to share insights, forge partnerships, and explore innovative solutions,” Jinapor said.
He also celebrated Ghana’s hosting of Africa Oil Week for the first time, describing it as a fresh start for the continent’s energy ambitions. The Ghana National Petroleum Corporation (GNPC) and its subsidiary Explorco are preparing to drill two exploration wells in the Voltaian Basin by Q3 of 2026, offering a unique farm-in opportunity for new entrants into Ghana’s onshore oil landscape.
With investor confidence restored and regulatory frameworks strengthened, Ghana is positioning itself as a leading oil-producing nation in Africa—one that balances energy growth with sustainability and industrial transformation.
