President John Dramani Mahama has announced that the Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, Explorco, are preparing to drill two new exploration wells before the end of the third quarter of 2026.
Speaking at Africa Oil Week at the Kempinski Hotel in Accra, the President reiterated his administration’s commitment to working with existing and prospective investors to expand oil and gas exploration both onshore and offshore.
“It is instructive to note that Ghana, like most African countries, has large and licensed acreages across our offshore and onshore basins. The onshore Voltaian Basin presents one of the most exciting frontiers on the continent. The Ghana National Petroleum Corporation and its exploration subsidiary, Explorco, are advancing preparations to drill two new exploration wells by the end of the third quarter of 2026,” he disclosed.
President Mahama described the new wells as a “unique farming opportunity” for partners looking to pioneer Ghana’s onshore potential.
“Under my leadership, we are committed to building a business environment in Ghana that meets investors’ expectations while safeguarding our national interests. We are working with both existing and prospective investors to promote exploration across all basins,” he added.
He noted that the reforms introduced by his government are already producing results. “These policy initiatives have begun to yield the needed results. There is renewed interest in our offshore basins, with increased gas production from the Jubilee and OCTP fields. Currently, three supermajors are in commercial negotiations with the Ghana Negotiations Team and GNPC, reflecting strong confidence in Ghana’s sedimentary basins, governance, and investment climate,” the President said.
President Mahama further revealed that a comprehensive review of the Petroleum Exploration and Production Act, 2016 (Act 919), is underway to align the law with global upstream industry trends.
Energy Security and Gas Infrastructure
Addressing Ghana’s energy needs, the President highlighted efforts to reduce reliance on costly liquid fuels. “GNPC, together with Shell and other partners, is renegotiating the liquefied natural gas sale and purchase agreement to ensure imported LNG is delivered to Ghana within the next 18 months. This will enhance energy security, reduce costs, and end reliance on expensive liquid fuels as a backup for domestic gas,” he explained.
He also outlined plans to accelerate the expansion of gas infrastructure, including new pipelines, processing plants, and storage facilities, aimed at efficiently evacuating gas from production fields to markets while creating opportunities for private investment and partnerships.
Vision for a Petroleum Hub
Looking ahead, President Mahama reiterated his goal of positioning Ghana as a regional petroleum hub. “Our vision is to transform Ghana into a regional petroleum hub, anchored on reliable energy and a gas-to-power policy, making natural gas the primary fuel for our thermal plants,” he said.
Source: Maxwell Agbagba
