Ghana’s upstream petroleum sector is witnessing renewed momentum, with global energy majors Shell and Chevron signing a memorandum of understanding to explore the Eastern Keta Basin, Brazil’s Petrobras entering negotiations for four offshore blocks, and existing operators committing billions of dollars in fresh investment.
Simon Madjie, Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), disclosed these developments during an appearance on Joy News’ PM Express Business Edition on Thursday. “At Africa Oil Week, Chevron and Shell signed an MOU to look at work in the Eastern Keta Basin. So that’s ongoing,” Madjie said.
The MoU, signed in Accra on September 1, 2026, at the opening of Africa Oil Week, is a non-binding agreement between the Government of Ghana, the Ghana National Petroleum Corporation (GNPC), and GNPC Explorco on one side, and Shell Overseas Holdings and Chevron Sub-Saharan Africa Ventures on the other. The agreement covers the South Deepwater Tano Cape Three Points block, a 3,482-square-kilometre acreage located in the deep-to-ultra-deepwater Tano Basin, in water depths of up to about 3.5 kilometres. The block is estimated to hold hydrocarbon potential of more than 3 billion barrels. The MoU provides a framework for further technical and commercial talks, including appraisal of an existing discovery and assessment of the wider oil and gas potential of the acreage, though final licence terms remain subject to negotiation and regulatory approvals.
Madjie also highlighted Petrobras’s reported interest in Ghana’s oil acreage. “We also saw the interest of Petrobras announced in the newspapers to really look at some of the acreages and blocks that the country has,” he said. The Brazilian state-owned oil giant confirmed in a securities filing on August 21, 2026, that Ghana’s Ministry of Energy and Green Transition had approved its eligibility to negotiate contracts for four offshore blocks in the underexplored Keta Basin. The move aligns with Petrobras’s strategy of replenishing oil and gas reserves through exploration in new frontier areas in Brazil and abroad.
The Keta Basin, also known as the Accra-Keta Basin, remains one of Ghana’s least-explored offshore areas. Only about six wells have been drilled in the basin since the 1970s, with the last deepwater well drilled in 2003. No commercial discovery has been made to date, though previous drilling activities recorded hydrocarbon shows, and geological similarities between the Keta Basin and proven petroleum systems in the Gulf of Guinea and Brazil’s Equatorial Margin have renewed interest in the area. The basin shares geological DNA with the prolific Tano Basin, with multiple encouraging indicators such as mature source rocks, stacked turbidites, high-quality reservoirs, and evidence of active hydrocarbon generation. A major TGS 2D-cubed seismic project covering the Keta Basin is expected to provide additional geological data, with completion targeted for early 2027.
Beyond frontier exploration, Madjie pointed to significant investment commitments from companies already operating in Ghana. He cited plans by the Jubilee partners to invest $2 billion and drill 20 wells in the Jubilee field. This follows Ghana’s Parliament ratifying licence extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, securing the future of the Jubilee and TEN fields until 2040. The extensions are expected to deliver up to $2 billion in incremental investment, with up to 20 additional wells drilled under the amended Jubilee plan of development.
Madjie also referenced a $1.5 billion announcement by ENI and its partners. The Government of Ghana has signed two memoranda of understanding with ENI Ghana, Vitol Upstream Tano Ltd, and GNPC covering offshore acreages GH WB 3 and GH WB 8 in the Tano Basin, building on a 2025 Memorandum of Intent that outlined the proposed investment. The two offshore blocks cover approximately 2,100 square kilometres, with water depths ranging from 750 to 2,800 metres. “There’s a lot of activities within that space. I’m sure folks at the Petroleum Commission will give you a lot more technical details,” Madjie said.
When asked specifically about a possible return by ExxonMobil, Madjie acknowledged that talks had taken place but declined to disclose further information. “I knew that there were some talks for them to come back. It’s not something that can be disclosed now,” he said. He directed further questions on ExxonMobil to the Minister of Energy and the Petroleum Commission, stating, “I think you leave that entirely to the Minister of Energy and Petroleum Commission”. ExxonMobil had previously relinquished its stake in Ghana’s Deepwater Tano Cape Three Points block in 2019.
The developments come as Ghana undertakes broader upstream petroleum reforms aimed at reversing declining oil output, which has fallen significantly from its 2019 peak. Proposed changes include cutting GNPC’s initial carried interest in new projects from 15% to 10%, simplifying tax treatment, and applying differentiated royalties by water depth. Energy and Green Transition Minister John Jinapor has described the Shell-Chevron MoU as a signal of renewed investor interest, stating Ghana wants similar partnerships to support energy security, growth, and jobs.
About Simon Madjie
Simon Madjie was appointed Chief Executive Officer of the Ghana Investment Promotion Authority in February 2025. A seasoned investment facilitator and lawyer with over a decade of experience in enhancing investment and trade partnerships between Ghana, the United States, and Africa, he previously served as Executive Secretary of the American Chamber of Commerce in Ghana (AmCham Ghana). He holds a BSc in Business Administration (Management) and a Master’s in Marketing from the University of Ghana, an LLB from the Ghana Institute of Management and Public Administration (GIMPA), a BL from the Ghana School of Law, and an LLM in International Trade Law from the University of Turin. In November 2025, he was elected WAIPA Regional Director for Sub-Saharan Africa.
