Ghana has taken a significant step toward revitalizing its upstream petroleum sector, signing two Memoranda of Understanding (MoUs) with Eni Ghana and Vitol Upstream Tano Ltd for offshore blocks GH WB 3 and GH WB 8 in the Tano Basin.
The agreements, signed on Thursday, September 10, 2026, involve the Ghana National Petroleum Corporation (GNPC) and are expected to pave the way for finalizing Petroleum Agreements for the two concessions.
Key Details of the Agreements
The MoUs were signed on behalf of the government by the Minister for Energy and Green Transition, Dr. John Abdulai Jinapor. The two offshore blocks cover approximately 2,100 square kilometers, with water depths ranging from 750 to 2,800 meters.
According to the government, the agreements build on a Memorandum of Intent signed in 2025, which proposed an investment of approximately US$1.5 billion. The latest development represents a further step toward translating that proposed investment into actual exploration and production activities.
Strategic Significance
The proximity of the two acreages to existing producing fields and petroleum infrastructure is expected to provide opportunities for investors to leverage Ghana’s established upstream ecosystem as exploration progresses.
Eni stated that the opportunities align with its near-field and Infrastructure-Led Exploration (ILX) strategy, which seeks to leverage existing infrastructure and proximity to producing areas to unlock the potential of prospective zones.
Government’s Reform Agenda
The government said the agreements form part of reforms being pursued under President John Dramani Mahama to create a more competitive, predictable, and investment-friendly petroleum sector while ensuring responsible development of the country’s natural resources.
“This reflects the upstream reforms being undertaken by the Government under the leadership of H.E. President John Dramani Mahama to create a more competitive, predictable and investment-friendly upstream petroleum sector, while ensuring that Ghana’s natural resources are developed responsibly and in the national interest,” the Ministry of Energy and Green Transition said in a statement.
Eni’s Longstanding Presence in Ghana
Eni has maintained a presence in Ghana since 2009, undertaking offshore hydrocarbon exploration and production activities. The company currently holds an equity production of approximately 40,000 barrels of oil equivalent per day.
Eni operates the Offshore Cape Three Points (OCTP) project with a 44.4% stake, in partnership with Vitol (35.6%) and GNPC (20%). Since production commenced in 2018, the OCTP project has delivered over 107 million barrels of oil and 480 billion standard cubic feet of gas, helping to meet approximately 70% of Ghana’s gas demand for power generation.
Beyond oil and gas production, the joint venture’s activities include initiatives focused on training, economic diversification, access to water and sanitation, and access to energy. Eni and Vitol have invested over US$10 million in social programs benefiting more than 10,000 people in communities surrounding the project areas.
Background: Ghana’s Petroleum History
Hydrocarbon exploration in Ghana dates back to 1896, when early explorers drilled wells in the onshore part of the Tano Basin targeting oil and gas seepages. The first documented discovery well, WAOFCO-2, was drilled in 1896 and produced about five barrels of oil per day for a short period.
Ghana joined the league of oil-producing countries in 2010 following the discovery of the Jubilee Oil Field in 2007 by Kosmos Energy and partners. The Mahogany-1 well, drilled in the West Cape Three Points Contract Area, discovered the Jubilee Field—Ghana’s first commercial deepwater discovery—which opened the way for further deepwater exploration.
Since the Jubilee discovery, 25 additional offshore discoveries have been made, with two fields—the Tweneboa-Enyenra-Ntomme (TEN) Field and the Sankofa-Gye Nyame Field—currently in production.
Recent Developments in Ghana’s Upstream Sector
The latest MoUs follow a series of recent agreements aimed at boosting Ghana’s oil and gas sector. In September 2026, the government signed a separate MoU with Shell Overseas Holdings and Chevron Sub-Saharan Africa Ventures covering the South Deepwater Tano block, which has an estimated hydrocarbon potential of more than 3 billion barrels.
In July 2025, Eni and its partners declared the Eban-Akoma oil and gas fields offshore Ghana commercially viable. The fields are estimated to hold between 500 and 700 million barrels of oil equivalent.
Looking Ahead
The government says it will continue to deepen reforms, attract investment, and accelerate exploration and production while ensuring that Ghana secures maximum and sustainable value from its hydrocarbon resources.
The latest MoUs are expected to support the next stage of negotiations toward formal Petroleum Agreements for the two offshore blocks, marking a renewed push to revitalize exploration in the country’s upstream petroleum sector as production from existing fields matures.
