$2bn Jubilee investment to boost Ghana's oil and gas output - Petroleum Commission

The government has approved a major new investment plan for the Jubilee oil field aimed at sustaining oil production, increasing gas supply and reducing Ghana’s energy costs.

The Chief Executive Officer of the Petroleum Commission, Emeafa Hardcastle, announced that the Jubilee partners are expected to invest about $2 billion in the further development of the field during the launch of the Annual Investment Report on August 21, 2026.

“I am happy to announce that the plan of development for this project has been approved by the Honourable Minister of Energy and Green Transition,” she said.

According to her, the investment will help sustain oil production and increase domestic gas supply while reducing the price of gas supplied to Ghana by about 18%.

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“This investment will result in sustaining oil production, increasing gas production and reducing the State of Ghana’s gas price by approximately 18 percent, translating into US$300 million in savings for the country,” she said.

She also disclosed that another investment commitment of about $1.5 billion is being pursued to increase gas supply from about 270 million standard cubic feet per day to 350 million standard cubic feet per day.

The Petroleum Commission CEO said the investments form part of a broader strategy to increase domestic oil and gas production, reduce Ghana’s dependence on imported fuels and improve the reliability of electricity supply for households and businesses.

She stated that developments in global energy markets, including geopolitical tensions and supply disruptions, present Ghana with an opportunity to attract more investment into the petroleum sector.

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“There is a need for us in Ghana to position ourselves strategically to take advantage of the current developments in the global energy markets,” she added.

Hardcastle noted that the government is updating laws governing the upstream petroleum sector to make Ghana more attractive to investors, with proposed amendments expected to be submitted to Parliament before the end of the year.

DR/MA

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