Ghana is poised to sign five new petroleum agreements with international firms seeking to enter the country’s upstream petroleum sector, Energy and Green Transition Minister John Abdulai Jinapor has announced, signalling a major revival of investor confidence in the West African nation’s oil and gas industry.
The Minister made the disclosure on Tuesday, August 18, 2026, at the launch of the Petroleum Commission’s 15th anniversary celebrations in Accra, where he painted an optimistic picture of the sector’s future.
Renewed investor interest
According to Mr Jinapor, strategic reforms undertaken by the government have sparked fresh interest from major international companies looking to explore opportunities in Ghana. The confidence, he said, has led to “a plethora of multinational and international companies knocking at our doors”.
“The Petroleum Commission, GNPC and other stakeholders have been working around the clock. That is why I am happy to say that we are likely to sign five new agreements,” he stated.
The Minister indicated that engagements with prospective investors are progressing steadily, with negotiations already underway with several companies. He expressed optimism that the agreements would be finalised in the near future, describing the development as a strong indication of the revitalisation of Ghana’s petroleum sector.
Crucially, interest is not only being shown in existing producing fields but also in the country’s frontier basins, with the offshore Accra-Keta Basin expected to attract oil majors for exploration.
Billions in investment already secured
The announcement builds on significant investment commitments already secured this year. In May 2026, the government announced a combined $3.5 billion investment package to revive the country’s oil and gas sector following five consecutive years of declining output.
This includes a 2 billion development deal with Jubilee Partners to expand activities in existing oil fields and support new offshore exploration.
Speaking at the anniversary launch, Mr Jinapor disclosed that the Jubilee and TEN field partners had committed 300 million.
Additionally, the Offshore Cape Three Points partners — Eni, Vitol and the Ghana National Petroleum Corporation (GNPC) — have pledged $1.5 billion to expand gas exports and develop new discoveries, including the Eban-Akoma fields.
Policy review under way
To sustain this momentum, Mr Jinapor disclosed that the Ministry, in collaboration with the Petroleum Commission, has initiated a comprehensive review of Ghana’s upstream petroleum policy, legislative and regulatory framework.
According to the Minister, the review is intended to strengthen the sector’s competitiveness, enhance investor confidence and ensure that Ghana secures equitable returns from its petroleum resources. A committee established to undertake the review has submitted its initial report, which is now due for Cabinet consideration and approval.
“For the first time in the history of the upstream sector, nearly all super majors have expressed interest in acquiring acreages in our geological basins, in particular the frontier areas,” Mr Jinapor said.
He stressed that Ghana must compete on certainty as global energy markets become increasingly volatile. “The new question is: ‘Where can capital be deployed with confidence?'” he remarked, identifying fiscal stability, sanctity of contracts and predictability in laws and regulations as critical to attracting investment.
Commission celebrates 15 years of regulatory excellence
The Petroleum Commission is marking its 15th anniversary under the theme, “15 years of regulatory excellence: promoting a sustainable upstream petroleum industry for Ghana’s energy future”.
Chief Executive Officer Emeafa Hardcastle, speaking at the same event, revealed that the Commission has saved the state approximately 210 million from the Jubilee Plan of Development Phase 1A, 1 billion from the Greater Jubilee Full Field Development Plan.
Ms Hardcastle also highlighted the Commission’s contribution to indigenous participation, noting that it had supervised the award of 7.9 billion in contracts had been awarded to joint venture companies involving Ghanaian businesses.
Looking ahead, Ms Hardcastle confirmed that Ghana is expected to sign at least five new petroleum agreements between this year and early 2027, subject to parliamentary approval of proposed legislative and fiscal reforms.
Gas-to-power shift yields $500m annual savings
Mr Jinapor further revealed that Ghana’s shift towards gas-driven power generation has reduced the country’s dependence on imported liquid fuels, generating annual savings of about $500 million.
“Increased gas availability has led to a saving of about $500 million a year in terms of crude oil gas substitution,” he said.
The Minister noted that upstream oil production had recovered from about 90,000 barrels per day to 126,000 barrels per day following government interventions to address challenges affecting operators.
He also announced plans to develop a Second Gas Processing Plant (GPP II) with an initial processing capacity of 150 million standard cubic feet per day, expandable to 300 MMscf/d, to process additional gas from the Greater Jubilee and TEN fields as well as future discoveries.
