The Ghana Investment Promotion Authority (GIPA) CEO, Simon Madjie, has confirmed that discussions are underway for ExxonMobil to potentially return to Ghana. Mr. Madjie, however, declined to provide specific details regarding these talks, stating that further comments should come from the Ministry of Energy and the Petroleum Commission.
This limited disclosure occurred during a recent appearance on Joy News’ PM Express Business Edition on Thursday, October 9, 2026. Mr. Madjie's remarks came in response to questions about multinational companies seeking to enter or re-enter Ghana’s petroleum sector. He indicated that while he knew about the talks, the specifics were not for him to disclose at this time.
Ghana's energy sector has seen significant activity and interest from international players. The country aims to attract substantial foreign direct investment (FDI) to boost its economy and develop its natural resources. Previous reports from the GIPC indicated Ghana secured US$2.6 billion in FDIs in 2025, highlighting the nation's appeal to global investors. The potential return of a major player like ExxonMobil would further underscore this trend and could significantly impact future oil exploration and production.
Mr. Madjie explicitly referred questions about the ExxonMobil discussions to the Minister of Energy and the Petroleum Commission. He stated, “I knew that there were some talks for them to come back. It's not something that can be disclosed now.” This deferral suggests that while preliminary discussions have occurred, any formal agreement or detailed terms are still under wraps and require official announcements from the relevant energy bodies.
The potential return of ExxonMobil could lead to increased exploration activities and new investments in Ghana's oil and gas fields. This development would likely boost government revenues through royalties and taxes, supporting national development projects. Investors and market observers will closely monitor statements from the Ministry of Energy and the Petroleum Commission for concrete timelines and terms of any potential agreement. The energy sector's performance directly influences Ghana's economic outlook and its ability to attract further international capital.
Beyond ExxonMobil, Mr. Madjie highlighted other notable developments in the petroleum sector. He mentioned that Chevron and Shell signed a Memorandum of Understanding (MOU) to explore opportunities in the Eastern Keta Basin. He also cited reported interest from Petrobras in examining some of Ghana’s petroleum acreages and blocks. These activities demonstrate a broader resurgence of interest in Ghana's hydrocarbon potential.
Furthermore, Mr. Madjie pointed to significant investment announcements from companies already operating in Ghana. He noted plans by the Jubilee partners to invest $2 billion and drill 20 wells in the Jubilee field. He also referred to a $1.5 billion investment announcement by ENI and its partners. These commitments signal confidence in Ghana's existing oil assets and future production capabilities. Such investments are crucial for maintaining and expanding Ghana's crude oil output, which is a key contributor to the national budget.
The GIPA CEO's remarks, while limited on ExxonMobil, painted a picture of a vibrant and active petroleum sector. The combined interest from new entrants and existing operators suggests a positive outlook for Ghana's energy industry. The Petroleum Commission and the Ministry of Energy will be the primary sources for more technical and detailed information regarding these ongoing and prospective projects. These developments are critical for Ghana's economic growth and energy security.