At the Petroleum Commission’s 2026 Local Content Conference in Takoradi on Tuesday, November 10, Dr John Abdulai Jinapor, Minister for Energy and Green Transition, said Ghana is working to secure at least six new petroleum agreements with international oil companies by the first quarter of 2027. The move is part of a broader programme to revitalise the upstream sector and attract investment after years of falling crude production.
Jinapor named Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil as the firms currently engaged in discussions. He stressed that the government is restoring investor confidence through improved policy certainty, regulatory predictability and a more attractive investment climate.
The minister highlighted that Ghana’s annual crude output has dropped from a peak of about 71 million barrels to roughly 37 million barrels, a decline that has impacted economic activity in Takoradi and the wider Western Region. However, he noted a positive shift: daily crude production rose from about 90 000 barrels to 122 000 barrels, the first reversal of the declining trend in six years.
Jinapor outlined a strategy to move beyond stabilising production to securing sustained growth via increased exploration, reserve replacement and long‑term investment. He identified the Ebano‑Afoma field, the Pecan field and deepwater Keta prospects as priority discoveries for development.
In addition, the minister announced plans to begin construction of Ghana’s third gas processing plant, with a groundbreaking ceremony expected next month. On local content, he said Ghanaians now make up about 90 % of the upstream workforce, and local content value has risen from roughly $227 million in 2024 to $450 million.
Jinapor welcomed a Memorandum of Understanding between the Ghana National Petroleum Corporation and Eni, describing the associated gas sales agreement as an important development for the energy sector. He cautioned that Ghana must compete with other African producers for limited global exploration capital and cannot rely solely on its petroleum potential to attract investors.
The conference, marking the Petroleum Commission’s 15th anniversary, ran under the theme “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reform and Partnership to Spur Competitiveness and Investment.”
