Mahama announces new offshore oil and gas discovery in Tano Basin

President John Dramani Mahama has announced a new oil and gas discovery in Ghana’s Deepwater Cape Three Points block in the Tano Basin following the successful drilling of the Nya Gyidie-1X exploration well.

The discovery was made by Planet One Oil and Gas Limited in partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC).

Although the discovery contains gas and condensate, its estimated size is yet to be determined.

Announcing the development, Mahama described it as a significant breakthrough for Ghana’s petroleum industry, noting that it was the country's first successful test of a Cenomanian-Turonian carbonate play.

“Nananom and distinguished guests, I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, Goil Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery.

“The hydrocarbon discovery at the Nya Gyedie 91X Well in the deep-water Cape Three 3 Points contract area marks an important milestone for Ghana. It is the country’s first successful test of a Cenomanian-Turonian carbonate plate,” he said.

The Nya Gyidie-1X well was drilled in the Deepwater Cape Three Points contract area, targeting the Cenomanian-Turonian play, with the Lower Albian formation serving as a secondary exploration target.

The President said the successful drilling fulfilled a commitment made by the company and reflected renewed investor confidence in Ghana’s upstream petroleum sector.

He disclosed that crude oil production had risen to more than 120,000 barrels per day, while existing operators had made significant financial commitments to expand their operations.

According to him, the Jubilee partners have committed $2 billion, while additional investments involving Tullow and its partners are expected to support exploration, infrastructure development and increased production.

Mahama said his government was also working to resolve outstanding disputes with petroleum operators and introduce measures to attract fresh investments into the sector.

As part of the reforms, he revealed that amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to improve incentives for investors.

He further identified the ultra-deepwater Voltaian and other sedimentary basins as potential areas for future exploration, stressing the need to replenish the country's petroleum reserves as existing fields decline.

The President said the government wanted the discovery and renewed investments to create jobs, strengthen local businesses and increase the participation of Ghanaian companies in the oil and gas industry.

“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.

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