The government has announced a sweeping reform programme for the Ghana upstream oil and gas sector, revealing that more than US$3.5 billion in fresh investment commitments have already been secured to revive crude oil production and expand natural gas output.
Presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, Finance Minister Dr Cassiel Ato Forson said the reforms are aimed at reversing years of declining oil production while restoring investor confidence in Ghana's petroleum industry.
The announcement comes after crude oil production almost halved over the past six years, falling from 71.4 million barrels in 2019 to about 36 million barrels in 2025.
"To reverse this decline, Government has introduced investor-friendly reforms that have already secured more than US$3.5 billion in new investment commitments from the Jubilee and OCTP partners." - Finance Minister
New Wells and Bigger Gas Output
Government says amendments to the West Cape Three Points and Deep Water Tano Petroleum Agreements will unlock the drilling of at least 10 new wells, increase gas production and strengthen Ghana's long-term stake in the country's petroleum assets.
Dr Forson disclosed that the revised agreements will also reduce the price of Jubilee gas by approximately 18 per cent while increasing the Ghana National Petroleum Corporation's (GNPC) participating interest in the two petroleum agreements by 10 percentage points from 2036.
He further announced that negotiations with the Offshore Cape Three Points (OCTP) partners have been concluded to expand the Non-Associated Gas system, allowing gas exports to rise from 270 million to 350 million standard cubic feet per day.
New Exploration Plans Gather Pace
Beyond existing producing fields, government is also looking to unlock new petroleum resources.
According to the Finance Minister, negotiations are advancing for the development of the Eban-Akoma discoveries, while discussions on new petroleum agreements in the Western, Central and Voltaian basins are ongoing.
He added that GNPC Explorco remains on course to begin exploratory drilling in the Voltaian Basin during the fourth quarter of 2026.
Government is also updating Ghana's upstream petroleum laws to improve the investment climate, with proposed legislative amendments expected to be laid before Parliament before the end of the year.
Production Exceeds Expectations
Dr Forson said early signs suggest the reforms are already delivering results.
Between January and May 2026, Ghana produced 17.1 million barrels of crude oil and exported 86.1 billion standard cubic feet of natural gas, with production outperforming initial forecasts across the country's major oil fields.
Daily production at the Jubilee Field has climbed from a projected 68,000 barrels to about 95,000 barrels, following the drilling of four new wells this year.
Production at the Sankofa Field has also increased to 28,000 barrels per day, while gas exports have risen from 245 million to approximately 282 million standard cubic feet per day.
For government, the figures are intended to demonstrate that renewed investment and policy reforms are beginning to reverse the sector's decline.
The bigger challenge now is sustaining that momentum, attracting new exploration capital and ensuring that increased oil and gas production translates into stronger economic growth and greater long-term energy security for Ghana.
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