Mahama Announces Fresh Offshore Oil Discovery in Deepwater Cape Three Points Block

President John Dramani Mahama has announced a new offshore oil discovery in Ghana’s Deepwater Cape Three Points (DCTP) block, raising fresh hopes for increased petroleum production and renewed investment in the country’s oil and gas industry.

The discovery was made through the Nya Gyidie-1X exploration well, involving Planet One Oil and Gas Limited, Bowler Upstream Limited and the Ghana National Petroleum Corporation (GNPC).

The exploration well successfully tested the Cenomanian-Turonian carbonate formation as its primary target, while the Albian formation was also investigated as a secondary objective. The discovery is particularly significant because it marks Ghana’s first successful test of the Cenomanian-Turonian carbonate formation as a primary exploration target.

President Mahama described the development as an important milestone for Ghana’s petroleum sector, expressing optimism about the opportunities it could create for the country’s energy industry.

However, further technical assessments and appraisal activities will be required to establish the size of the discovery, determine its recoverable reserves and assess its commercial viability.

The announcement comes as the Mahama administration intensifies efforts to attract investment, reverse declining oil production and strengthen Ghana’s position as an important petroleum producer in the region.

The President has also highlighted fresh investment commitments from existing petroleum operators, including $2 billion from Jubilee partners, as part of broader efforts to expand production and develop offshore infrastructure.

Mahama emphasised the importance of ensuring that Ghana’s petroleum resources generate meaningful benefits for citizens through job creation, increased local participation, business opportunities and additional government revenue.

The latest discovery is expected to generate renewed interest in Ghana’s offshore petroleum potential, although its contribution to the country’s overall oil production will depend on the outcome of further exploration and development activities.

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