Ghana Unveils Petroleum Reforms as Shell, Chevron Sign MoU

• Ghana has announced major petroleum-sector reforms to attract upstream investment, including reducing GNPC’s carried interest from 15% to 10%, extending petroleum agreements from 25 to 30 years and changing the signature bonus structure.

• Shell and Chevron have signed an MoU with the Ghanaian government and GNPC concerning exploration and production rights for the South Deepwater Tano Block, strengthening their planned partnership in Ghana’s deepwater sector.

• Energy transition and regional cooperation dominated discussions, with Energy Minister John Jinapor stressing the need to move Africans from energy poverty to energy prosperity while promoting domestic gas, refinery operations and cross-border energy infrastructure.

The first day of the conference brought together government officials, international oil companies and energy-sector leaders, with discussions centred on investment, energy security, regional cooperation and Africa’s development priorities towards 2030.

A major development at the conference was the signing of a Memorandum of Understanding (MoU) involving the Government of Ghana, the Ghana National Petroleum Corporation (GNPC), Shell Overseas Holdings Limited and Chevron Sub-Saharan Africa Ventures Ltd for the South Deepwater Tano Block.

Chief of Staff Julius Debrah, representing President John Dramani Mahama, used his opening address to highlight what he described as Ghana’s improving economic fundamentals and their importance to attracting long-term investment.

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Debrah pointed to real GDP growth of 6% in 2025, while inflation declined from 23.8% at the end of 2024 to 5.8% at the end of 2025 and 4.6% by July 2026.

He also cited the country’s declining public debt and strengthening currency as indicators of an improving economic environment.

Debrah said, stressing that investors ‘need confidence in our currency, fiscal policy, institutions, and the broader direction of the country.’

Turning to the petroleum industry, he announced the commerciality of the Eban and Akoma discoveries at Cape Three Points and pointed to additional exploration opportunities in the Voltaian Basin, Eastern Basin, Outer Continental Shelf and Keta Basin.

Debrah argued that Ghana and other African countries must look beyond exporting raw hydrocarbons and instead develop industries around oil and gas, including processing, pipelines, storage, refining, petrochemicals and power generation.

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He added that local participation would remain an important component of Ghana’s petroleum strategy.

Energy and Green Transition Minister John Abdulai Jinapor used his address to outline reforms designed to make Ghana’s upstream petroleum sector more competitive for international investors.

Among the measures announced are a reduction in GNPC’s initial carried participation from 15% to 10% and an extension of petroleum agreement tenures from 25 to 30 years.

The government will also replace the traditional signature bonus with a one-time payment linked to the post-discovery declaration of commerciality. In addition, the loss-carried-forward period will be extended from five to 10 years.

Explaining the rationale behind the reduction in GNPC’s carried interest, Jinapor said the government would benefit more from a smaller share of a significantly larger investment.

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The minister also positioned Ghana’s petroleum reforms within the wider debate about Africa’s energy transition.

With more than 600 million people on the continent lacking access to electricity and about one billion without access to clean cooking, he argued that Africa’s transition must take account of its development needs.

‘For Africa, therefore, the energy transition cannot simply be about moving away from one source of energy to the other, Jinapor said.

‘It must rather be about moving our people from energy poverty to energy prosperity.’

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The conference also witnessed the signing of an MoU concerning the acquisition of petroleum exploration and production rights over the South Deepwater Tano Block.

The agreement brings together the Government of Ghana, GNPC, Shell Overseas Holdings Limited and Chevron Sub-Saharan Africa Ventures Ltd.

The development builds on an announcement made by Shell and Chevron at the 2026 Africa Energies Summit in May, when the two companies confirmed plans to jointly pursue opportunities in the South Deepwater Tano Block.

The deepwater licence, located in Ghana’s Tano Basin, has been identified as an important opportunity for further exploration and development.

The formal signing of the MoU at Africa Oil Week gives the partnership a more concrete footing and comes as Ghana seeks to demonstrate that its revised fiscal framework can attract major international oil companies.

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Jinapor also highlighted developments in Ghana’s downstream and gas sectors, including the resumption of crude processing at the country’s refinery.

He said the government had also secured major agreements involving international oil companies, including a $1.5 billion agreement with Eni and a $2 billion deal involving Tullow and its partners.

According to the minister, another significant agreement was being signed during the conference.

He further cited an estimated annual saving of about $500 million from moving Ghana’s thermal power generation towards domestic natural gas rather than relying more heavily on liquid fuels.

Regional energy cooperation was another key part of his address.

Jinapor pointed to the West African Gas Pipeline, which connects Ghana, Nigeria, Togo and Benin, as an example of how cross-border infrastructure can support energy security and economic development.

He also noted Ghana’s ability to export electricity to neighbouring countries, including Burkina Faso, Togo, Benin and Côte d’Ivoire.

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The opening day also featured a panel examining how regional governments are preparing their energy sectors for growth through 2030 and beyond.

The session was moderated by Felicia Djibo, a Consulting Partner at Deloitte and the firm’s Global Energy, Resources & Industrials leader based in Abidjan.

She was joined by Sierra Leone’s Deputy Minister of Mines and Mineral Resources, Umaru Napoleon Koroma, and Liberia’s Assistant Minister for Energy at the Ministry of Mines and Energy, Oliver S. Gbegbe.

South Africa’s Minister of Mineral and Petroleum Resources, Gwede Mantashe, was among the international speakers who delivered a keynote address during the opening day.

Nigeria’s Independent Petroleum Producers Group (IPPG) Chairman and Aradel Plc Chief Executive Officer, Adegbite Falade, also addressed delegates on Africa’s upstream outlook and the strategic direction of the sector.

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Falade assumed the IPPG chairmanship from Abdulrazaq Isa in November 2025 and has recently highlighted the growing contribution of indigenous producers to Nigeria’s oil output, while advocating reforms to the industry’s tax and levy framework.

ExxonMobil Vice President of Exploration Commercial Claudia Napolitano also delivered a keynote focusing on the company’s African and global portfolio strategy.