Stakeholders in Ghana’s energy sector are expressing optimism as Tullow Ghana and its partners restart drilling operations in the Jubilee Field.
The launch of the two-year drilling campaign, which began this May, marks a renewed phase of investment and confidence in the country’s oil and gas industry. The initiative is expected to increase oil production and enhance operational efficiency in one of West Africa’s most significant oil fields.
Speaking to Citi Business News, Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy, highlighted the potential economic benefits of the project.
“We should be hopeful that after drilling and appraising these wells, we find commercially viable reserves,” he said. “If that happens, our output will increase, and since our revenues depend on both production levels and global market prices, this could significantly boost Ghana’s upstream revenue.”
Nsiah also expressed concern about the current state of oil production in Ghana, noting a downward trend in recent years.
“Production has been declining over the last five years. Currently, we’re producing about 48 million barrels per year, compared to over 70 million barrels previously,” he noted. “This shows that the upstream sector is underperforming. Initiatives like Tullow’s drilling program are vital, not just for boosting production, but also for attracting more foreign direct investment.”
The renewed drilling effort is viewed by many as a crucial step toward reversing declining production trends and revitalizing the sector.