President John Dramani Mahama says Ghana has secured $3.5 billion in new investment commitments from global energy companies, aimed at reversing a prolonged decline in oil and gas production.
Speaking at the groundbreaking ceremony for Phase Two of the Sentuo Oil Refinery Project in Tema, Mr Mahama outlined plans to revitalise the country’s energy sector after what he described as a six-year production slump.
The investment package includes $2 billion from partners in the Jubilee oil field to drill up to 20 new wells, as well as $1.5 billion from partners in the Offshore Cape Three Points (OCTP) project to support field development and exploration.
“We have committed upstream players to invest more money to drill new wells to raise the volumes of oil and gas we are producing,” the president said.
According to Mr Mahama, early signs of recovery are already evident. Ghana is expected to record a net increase in crude oil production for the first time in several years.
Output at the Jubilee field has risen from 60,000 to 85,000 barrels per day, while additional gains have been recorded at the Tweneboa-Enyenra-Ntomme (TEN) and Sankofa fields.
The government has also moved to expand exploration activity, including the commercialisation of the Afina Discovery and the ratification of a new petroleum agreement in the offshore Tano West basin.
Mr Mahama said the renewed investment drive is aimed at strengthening Ghana’s energy security and supporting long-term economic growth.
“This expansion is not merely an investment in infrastructure,” he said. “It is an investment in Ghana’s future, our energy security, and our economic resilience.”
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