Ghana’s Oil Renaissance: New Offshore Find and $2 Billion Investment Spark Production Boom
Ghana’s upstream oil and gas sector is entering a major revival, bolstered by Eni’s declaration of commerciality for the Eban-Akoma offshore complex — the largest discovery in recent Ghanaian history, with reserves estimated between 500 and 700 million barrels of oil equivalent (boe). The find lies adjacent to the Sankofa hub and can be rapidly developed using existing infrastructure.
Simultaneously, a major investment drive is underway: Tullow Oil and Kosmos Energy, alongside Ghana National Petroleum Corporation (GNPC), PetroSA, and Explorco, have committed to a $2 billion development program to drill 20 new wells in the Jubilee and TEN fields. Production licenses for these fields have also been extended through 2040.
The expanded production will support energy security and industrialization, with Tullow and Kosmos committing to deliver 130 million cubic feet of gas per day for domestic consumption under a newly restructured pricing model. Eni is also increasing domestic gas supply through the Eban-Akoma find.
These developments not only boost national revenues through taxes and royalties but are also expected to create thousands of jobs in engineering, logistics, fabrication, and oilfield services. The long-term partnership frameworks also emphasize capacity-building and technology transfer between international operators and Ghanaian agencies.
Source: worldoil.com
