Ghana’s Oil Sector Sees $3.5 Billion Boost: President Mahama Unveils Plan to Reverse Production Slump

President John Dramani Mahama has announced a significant strategic initiative poised to revitalize Ghana’s energy sector. He revealed substantial new commitments totaling $3.5 billion from major global energy companies, aimed at reversing a six-year decline in oil production.

Speaking at the groundbreaking ceremony for Phase 2 of the Sentuo Oil Refinery Project in Tema, President Mahama detailed a comprehensive roadmap for industry recovery and growth. This impressive investment package includes $2 billion from Jubilee partners, earmarked for drilling up to 20 new wells, alongside an additional $1.5 billion from OCTP partners dedicated to crucial field development and exploration activities.

“We have committed upstream players to invest more money to drill new wells to raise the volumes of oil and gas we are producing,” President Mahama stated, underscoring the collaborative effort to enhance national output.

According to the President, these strategic interventions are already demonstrating positive outcomes. For the first time in several years, Ghana is projected to record a net increase in crude oil production. Output at the Jubilee field has notably climbed from 60,000 to 85,000 barrels per day, with discernible gains also reported across the TEN and Sankofa fields.

Further solidifying this ambitious growth strategy, the government has moved forward with the commercialization of the Afina Discovery and has successfully ratified a new petroleum agreement in the offshore Tano West basin.

“This expansion is not merely an investment in infrastructure,” President Mahama emphasized. “It is an investment in Ghana’s future, our energy security, and our economic resilience.”