Energy Chamber Ghana says the Ghana oil production decline has made new exploration and reserve replacement increasingly urgent, following the Nya Gyidie-1X hydrocarbon discovery offshore.
The Chamber said crude production has fallen sharply in recent years, creating fresh pressure on the country to accelerate exploration, appraisal and development of new resources.
It cited output of about 48.25 million barrels in 2024, falling to 37.33 million barrels in 2025, a decline of roughly 22.6 percent.
Production is projected to slip further to about 34.83 million barrels in 2026.
Reserve replacement takes centre stage
Against that backdrop, the Chamber described the Nya Gyidie-1X discovery in the Deepwater Cape Three Points Block as an important signal that Ghana’s offshore basins still contain exploration opportunities.
The well encountered hydrocarbons in carbonate formations, giving Ghana its first successful test of that type of reservoir system.
Executive Chairman Joshua Batsa Narh said the discovery comes at a time when existing producing fields are under pressure.
“At a time when production from our existing fields is declining, we must be deliberate about attracting the capital, technology and technical expertise required to discover and develop new resources.” - Joshua Batsa Narh
The Chamber said production sustainability will depend on whether Ghana can bring more acreage into active exploration and move viable discoveries into development.
Commercial test still ahead
It stressed that the presence of hydrocarbons in Nya Gyidie-1X does not yet establish a commercial petroleum resource.
Further technical work will be needed to determine recoverable volumes, reservoir behaviour and whether the find can support an economically viable development.
The Chamber urged Planet One Oil & Gas Limited, GOIL Upstream Limited and GNPC to maintain technical and commercial discipline as appraisal work progresses.
It also called for stronger exploration financing and more competitive petroleum agreements.
The Chamber warned that Ghana is competing with other African producers for a limited pool of global exploration capital.
For the sector, the question is no longer simply whether hydrocarbons remain offshore, but whether Ghana can attract enough investment to find and develop them before existing production falls further.
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