President John Dramani Mahama has confirmed a fresh oil and gas discovery Deepwater Tano offshore location, marking a major milestone for Ghana's upstream energy sector as exploration activity accelerates.
The discovery was made at the Nya Gyidie-1X exploration well, drilled by Planet One Oil and Gas Limited in partnership with the state-owned Ghana National Petroleum Corporation within the Deepwater Cape Three Points block.
Nya Gyidie-1X Well Delivers Gas and Condensate
Preliminary testing shows the well holds commercial deposits of natural gas and light oil condensate, though commercial appraisal operations are ongoing to determine exact reserve volumes.
The Nya Gyidie-1X well targeted primary reservoirs in the Cenomanian-Turonian play while exploring deeper secondary targets in the Lower Albian structure.
"I am pleased to announce that Planet One Oil and Gas Limited and the Ghana National Petroleum Corporation have made a new oil discovery." - President Mahama
He called the find "an important milestone for Ghana" that proves growing foreign investor confidence in domestic offshore basins.
Daily Crude Output Tops 120,000 Barrels
Mahama emphasized that government policy reforms are actively reversing historic output drops, revealing that daily domestic crude oil production has now pushed past 120,000 barrels per day.
Major upstream operators are backing up the expansion with fresh capital. The Jubilee field partners have committed $2 billion toward new drilling, while Tullow and its joint-venture partners are injecting additional funds into infrastructure expansion and field development.
To keep discovery rates ahead of natural field depletion, government is preparing to open new exploration blocks across the ultra-deepwater and onshore Voltaian basins.
Cabinet Prepares Petroleum Law Amendments
To keep global energy firms investing in Ghanaian waters, Mahama disclosed that key amendments to the Petroleum Exploration and Production Act have reached Cabinet.
The legislative updates are designed to offer flexible fiscal incentives and streamline licensing for deepwater operators.
The President insisted that increased petroleum activity must deliver direct economic gains beyond state royalties.
"Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people," Mahama said, pressing foreign operators to expand subcontracting contracts for local Ghanaian supply firms.
READ ALSO: PURC Demands Total Reform and Privatisation of Water Sector
