Ghana Secures $3.5 Bln Energy Investment to Revive Oil Output

Ghana Secures $3.5 Bln Energy Investment to Revive Oil Output

June 29, 2026
By Mintesinot Nigussie

Ghana has secured 3.5 billion US dollars in new investment commitments from international energy companies to increase oil and gas production, as the government seeks to reverse six consecutive years of declining output and strengthen the country's energy sector.

President John Dramani Mahama announced the investment package during the groundbreaking ceremony for the second phase of the Sentuo Oil Refinery project in Tema, saying the commitments would finance new drilling, field development and exploration.

The investment includes 2 billion US dollars from partners in the Jubilee oil field to drill up to 20 new wells and 1.5 billion US dollars from partners in the Offshore Cape Three Points (OCTP) project to expand existing operations and support further 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," Mahama said.

The president said the new investment is expected to help Ghana record its first annual increase in crude oil production in several years.

Production at the Jubilee field has increased from 60,000 barrels a day to 85,000 barrels a day, while output has also risen at the TEN and Sankofa fields, according to Mahama.

The government has also moved to commercialise the Afina Discovery and ratified a new petroleum agreement covering the offshore Tano West basin, steps intended to sustain production growth and attract further investment into the upstream sector.

Mahama said expanding oil and gas production formed part of a broader strategy to strengthen Ghana's energy security and support economic growth.

"This expansion is not merely an investment in infrastructure. It is an investment in Ghana's future, our energy security, and our economic resilience," he said.

The announcement comes as Ghana seeks to restore momentum in its petroleum industry by increasing exploration activity, developing new reserves and encouraging fresh capital investment in the sector.

Source: FSX Business News