Ghana’s oil and gas sector has received a major investment boost after President John Dramani Mahama announced about $3.5 billion in new upstream commitments aimed at increasing the country’s crude oil and gas production.
The announcement comes at a critical time for Ghana’s petroleum industry, which has struggled with declining output in recent years. According to the Presidency, the new commitments are part of government’s plan to reverse a six-year production slump and restore confidence in Ghana’s upstream petroleum sector.
The investment package includes about $2 billion from Jubilee partners to drill up to 20 new wells, while OCTP partners are expected to commit another $1.5 billion toward field development and exploration activities. The announcement was made during the ground-breaking ceremony for Phase 2 of the Sentuo Oil Refinery Project in Tema.
For government, the investment is not only about producing more oil. It is also about strengthening Ghana’s energy security, improving local value addition, and positioning the country as a more attractive destination for petroleum investment. The President said the aim is to get upstream players to put more money into drilling new wells so Ghana can increase both oil and gas volumes.
The Jubilee Field is already showing signs of recovery. According to the Presidency, output from Jubilee has increased from about 60,000 barrels per day to about 85,000 barrels per day. The government also says production gains have been recorded at the TEN and Sankofa fields.
This matters because Ghana’s crude oil production has been under pressure for several years. Citi Newsroom, citing PIAC, reported that Ghana’s crude oil production declined for the sixth consecutive year, falling from a peak of 71.4 million barrels to 37.3 million barrels in 2025. PIAC also warned that the continued decline should be a concern and called for stronger investment in existing producing fields, especially TEN.
The new commitments therefore appear to be government’s response to a clear production challenge: Ghana has producing fields, but without continuous drilling, field development, and fresh exploration, national output will continue to fall as existing wells mature.
The gas side of the story is equally important. Citi Newsroom reported in June that GNPC and its partners had committed more than $3.5 billion to increase oil and gas production and support Ghana’s energy security. According to that report, Jubilee and TEN partners committed $2 billion by 2028, while Sankofa partners pledged $1.5 billion to increase gas output.
GNPC also warned that Ghana’s future gas demand could rise significantly. Citi Newsroom reported that demand could reach about 840 million standard cubic feet per day by 2030 and around 1 billion standard cubic feet per day by 2036. This means Ghana will need more domestic gas production, stronger infrastructure, and possibly LNG imports to meet future power and industrial demand.
The bigger picture is that Ghana is trying to rebuild momentum in its oil and gas sector. Higher crude production can support government revenue, foreign exchange inflows, local service companies, jobs, and energy supply. More gas production can also help power generation and industrial activity, especially if supply becomes more reliable.
However, the success of the investment push will depend on execution. Announcing investment commitments is one step; drilling the wells, completing field development, improving production efficiency, and maintaining investor confidence will determine whether Ghana actually reverses the production decline.
For now, the message from government is clear: Ghana wants to bring its oil sector back to growth. The $3.5 billion investment push is being presented as a turning point for the industry, with Jubilee, TEN, Sankofa, and OCTP expected to play central roles in the country’s next phase of petroleum production.
