Ghana rakes in more investment in petroleum agreements

Sekondi, Nov. 09, GNA – Ghana has secured about US$2 billion in additional investments from partners in the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) oil fields to boost production following the extension of the respective petroleum agreements to the end of 2040.  

Ms Emeafa Hardcastle, the Chief Executive Officer of the Petroleum Commission, announced this at the 12th edition of the Commission’s engagement with the Western Regional House of Chiefs in Sekondi.  

She said the extension of the West Cape Three Points and Deep Water Tano Petroleum Agreements had enabled the Government to secure fresh investment commitments from the partners.  

The additional investments, she said, were expected to support further development of the two fields and strengthen Ghana’s upstream petroleum production.  

Ms Hardcastle said the Ministry of Energy and Green Transition had also completed a review of the upstream petroleum legal, regulatory and fiscal regime to improve upon regulatory certainty, predictability and the competitiveness of the sector. 

According to her, the proposed reforms have been submitted to Cabinet for approval, after which Parliamentary approval would be sought.  

She expressed optimism that the reforms would enhance the attractiveness of Ghana’s petroleum industry and encourage greater participation by major international oil companies.  

On exploration, Ms Hardcastle said the Ghana National Petroleum Corporation (GNPC) Explorco had completed comprehensive studies in the northern part of the Voltaian Basin and identified a location for an exploration well.  

She said the company was working to secure a drilling rig to undertake the exploration, targeted for the last quarter of 2026 or the first quarter of 2027.  

The Commission, she said, was finalising an onshore strategy for the project in consultation with relevant stakeholders, which would be launched ahead of further engagements.  

Ms Hardcastle assured the chiefs that the Commission would ensure that GNPC and Explorco followed the required procedures and conducted the project sustainably in the national interest.  

She also announced that the appraisal of the Eban-Akoma discovery in the Cape Three Points Block Four Contract Area had been completed, with the discovery declared commercial.  

The contractor was preparing a Plan of Development for the discovery, which was being reviewed by the Commission.  

On community development, she said work would soon commence on the Eni-funded 3.5-kilometre Bakanta Road project in the Ellembelle District, following the final selection of contractors.  

She said the contractor was expected to move to site after the necessary regulatory approvals, with work anticipated to begin before early 2027.  

The CEO also announced progress towards the refurbishment of the Western Regional House of Chiefs auditorium and the renovation of the Intensive Care Unit and Accident and Emergency Centre of the Effia Nkwanta Regional Hospital.  

She said the Commission had engaged the GNPC Foundation and Ghana Gas to support the projects, following an appeal by the House during the previous year’s engagement.  

Technical site assessments had been completed, while preliminary designs and cost estimates were being prepared, with a draft Memorandum of Understanding developed to define the responsibilities, financial contributions and maintenance arrangements of the project partners. 

On community relations, Ms Hardcastle said the Commission had recorded an increase in reported incursions during the year under review, partly due to increased petroleum operations.  

She said the Commission, through its Cumulative Impact and Conflict Management Committee, had undertaken stakeholder engagements to address emerging concerns and strengthen grievance-resolution mechanisms.  

The Commission had also intensified sensitisation programmes at selected landing beaches in the Western and Central Regions to educate fishers on offshore petroleum operations, safety protocols and the need to avoid fishing around offshore installations.  

Touching on concerns over offshore reconnaissance mining activities in Ghana’s waters, Ms Hardcastle said the Government had suspended the proposed activity following concerns raised by the Fisheries Commission and the Ghana National Canoe Fishermen Council over inadequate consultation.  

She said the proposed activity had proceeded without prior consultation with the Petroleum Commission, despite its potential implications for marine biodiversity and other maritime interests.  

The Commission was monitoring developments and would keep the House informed, while calling on traditional authorities to support the stakeholder engagement process.  

Ms Hardcastle reaffirmed the Commission’s commitment to working with traditional authorities, industry operators and host communities to ensure that petroleum resources contributed meaningfully to national development, local economic opportunities and the wellbeing of communities.  

Nana Kobena Nketsia V, the President of the Western Regional House of Chiefs said petroleum development still remained important in the scheme of things and its benefits must be tangible to communities directly affected.  

He, therefore, charged the Commission to ensure that development initiatives and programmes were carefully structured for maximum benefits.  

The Regional House of Chiefs President also called for capacity building for both the National and Regional House staff.  

Madam Sekyiwaa Darko, Head of Community Relations at the Commission walked the revered chiefs through pictorial presentation of their programmes, activities and achievements in the year under review.  

Edited by Justina Hilda Paaga /Benjamin Mensah  

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