Ghana is targeting at least six new petroleum agreements with international oil companies by the end of March 2027 as government moves to revive exploration and build on a recovery in crude oil production.
Energy and Green Transition Minister Dr John Abdulai Jinapor said discussions are underway with major industry players including Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil.
Speaking at the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi, Jinapor said government wants the negotiations to translate into actual exploration drilling, discoveries and new producing fields rather than agreements that remain on paper.
Production recovers after prolonged decline
The push comes after years of falling output from Ghana’s three producing fields.
Annual crude production has dropped from a peak of about 71 million barrels to roughly 37 million barrels, a decline that Jinapor said had also affected businesses and employment in the Western Region.
Average daily production, however, has begun recovering. Government data show output rising from about 102,000 barrels per day in 2025 to approximately 122,700 barrels per day in 2026, an increase of about 22%.
Jinapor described the turnaround as the first reversal of Ghana’s declining crude production trend in about six years.
Government now wants to move from stabilising existing output to replacing depleted reserves and bringing new discoveries into production.
The Ebano-Afoma and Pecan fields, together with prospects in the deepwater Keta area, are among developments being prioritised.
Three MoUs already signed
President John Dramani Mahama has also disclosed that three memoranda of understanding covering key terms for prospective petroleum blocks have already been signed, while negotiations on other agreements continue.
Jinapor said Ghana is competing with other petroleum-producing countries for a limited pool of global exploration capital and must therefore offer predictable regulation, policy certainty and commercially attractive terms.
The Minister also announced that construction of Ghana’s third gas processing plant is expected to begin, with a groundbreaking ceremony planned for December.
Local participation remains another part of the government’s strategy. Jinapor said Ghanaians now account for about 90% of the upstream workforce, while the value of local content has risen from about US$227 million in 2024 to US$450 million.
For government, the six proposed agreements are intended to turn renewed investor interest into sustained exploration, new reserves and a longer production pipeline for Ghana’s upstream petroleum industry.
READ ALSO: Oil Prices Fall to Lowest Level Since August as US-Iran Tensions Ease
