Government has secured approximately US$3.5 billion in investment commitments to boost Ghana’s upstream petroleum sector, Dr Cassiel Ato Forson, Minister of Finance has announced.
Presenting the 2026 Budget and Economic Policy in Parliament, he said the investments were aimed at reversing the decline in oil production, which had dropped from 71.4 million barrels in 2019 to an estimated 36 million barrels in 2025.
Dr Forson disclosed that the commitments included a US$2 billion framework agreement for the Jubilee and TEN fields to drill 20 new wells, and a US$1.5 billion Memorandum of Intent with Offshore Cape Three Points (OCTP) partners to expand operations.
“This new investor-friendly environment has also drawn the interest of oil and gas majors, such as Shell, in our upstream petroleum industry.
“This is expected to bring in new capital, technology and expertise to increase our oil and gas production,” he said.
Dr Forson stated that the agreements would enable government to secure an additional 150 million standard cubic feet of gas per day to support power generation.
He said government was fast-tracking the Ghana Gas Processing Plant (GPP) 2 project to process the additional gas and would commence construction of a 1,200-megawatt state-owned thermal power plant in 2026 to offtake the supply from OCTP partners and GPP 2.
“This plant will support the provision of reliable and affordable power and secure Ghana’s energy future,” he said.
The Minister said that an upstream regulatory and fiscal review was underway to make Ghana’s petroleum regime more competitive, transparent, and stable.
