GNPC secures $3.5 billion investment despite oil decline

The Ghana National Petroleum Corporation (GNPC) has unlocked US$3.5 billion in new investment through the extension of three petroleum agreements, even as Ghana faces its fifth consecutive year of declining crude oil production.

The agreements, covering Deepwater Tano, West Cape Three Points and Offshore Cape Three Points, are expected to sustain upstream activity and support future output over the next three years.

Speaking at its 3rd Annual General Meeting (AGM) in Accra, the Chief Executive Officer of GNPC, Kwame Ntow Amoah, said the investment will reinforce efforts to stabilise production and deepen gas commercialisation.

“GNPC responded with disciplined execution, stronger focus, and targeted interventions to stabilise production, deepen gas commercialisation, advance exploration, and strengthen operatorship capability,” he stated.

Amoah noted that crude oil production averaged 102,199 barrels per day across the Jubilee, TEN and Sankofa Gye Nyame fields in 2025, reflecting continued decline.

However, gas exports for domestic use reached 336 MMscf/d, surpassing the annual target of 325 MMscf/d and the growing role of gas in GNPC’s financial performance.

GNPC also reported strong financial results for 2025, with gas revenue reaching US$952.38 million, accounting for 65.6% of standalone revenue.

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Speaking in the same vein, the Minister of Energy and Green Transition, Dr John Abdulai Jinapor commended GNPC’s resilience but urged a shift towards renewed growth.

“Government welcomes these achievements, but our focus must now shift from resilience to renewal, growth and long‑term sustainability,” he said, stressing the need for enhanced recovery, infill drilling, and disciplined exploration of frontier areas," he said.

Dr Jinapor said Ghana's mature producing fields would require increasingly sophisticated reservoir management, enhanced recovery, infill drilling and timely capital investment, alongside efforts to bring discovered resources into production and make new discoveries.

He identified opportunities including Pecan, Eban-Akoma, Afina, Pecan North, Almond and Beech, as well as marginal and stranded resources, while calling for technically disciplined exploration of frontier areas such as the Voltaian Basin.

The Energy Minister reaffirmed government's support for strengthening GNPC's operatorship capability, saying Ghana could not indefinitely depend on international operators for all aspects of upstream development while seeking to maximise national value from its petroleum resources.

Beyond petroleum operations, GNPC invested US$6.57 million in corporate social programmes in 2025 and strengthened its ESG framework. This showed its commitment to transparency and responsible stewardship.

SA

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