Ghana's crude oil production has risen to about 122,000 barrels a day from about 90,000, an increase of roughly 36%, and the government is aiming to sign at least six new petroleum agreements with international oil companies by the first quarter of 2027, Energy and Green Transition Minister John Abdulai Jinapor said on Tuesday 10 November.
Speaking at the Petroleum Commission's 2026 Local Content Conference and Exhibition in Takoradi, Dr Jinapor named Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil among the companies in talks with Ghana, according to reports by Citi Newsroom, Graphic Online and 3News.
He described the production rise as the first reversal of the declining trend in six years. No ministry transcript or production data release had been published at the time of writing.
The figures the minister gave
- Annual crude output has fallen from a peak of about 71 million barrels to about 37 million, a drop of roughly 48% (StatsGH calculation).
- Daily output has risen from about 90,000 to 122,000 barrels.
- Ghanaians make up about 90% of the upstream petroleum workforce.
- The value of local content rose from about US$227 million in 2024 to US$450 million, nearly double.
He listed the Eban-Akoma discovery, the Pecan field and the deepwater Keta prospects among those being prioritised for development, and said the groundbreaking for Ghana's third gas processing plant was expected next month. "Signing petroleum agreements alone is not enough," he said, as quoted by Graphic Online.
"Our success will be measured by the number of wells that we drill, the discoveries that we make, and the developments sanctioned to create jobs."
US$2 billion tied to Jubilee and TEN extensions
Separately, Petroleum Commission chief executive Emeafa Hardcastle told the Western Regional House of Chiefs in Sekondi that extending the West Cape Three Points and Deepwater Tano petroleum agreements to the end of 2040 had secured about US$2 billion in additional investment commitments from partners in the Jubilee and TEN fields, the Ghana News Agency reported.
She said the Eban-Akoma discovery in the Cape Three Points Block 4 area had been declared commercial and its operator was preparing a plan of development, and that GNPC Explorco was seeking a rig for a Voltaian Basin exploration well targeted for late 2026 or early 2027.
Also at the Takoradi conference, Tullow Ghana said it had secured a rig for a campaign of five firm and five optional wells from around mid-2027, Graphic reported. President Mahama used the same event to announce a roadmap to settle Tullow's US$393 million tax liability.
The figures are as stated by officials; StatsGH will update when the Petroleum Commission or ministry publishes the underlying data.
Sources: Citi Newsroom; Graphic Online; 3News; Ghana Business News/GNA.