President of the Republic of Ghana, His Excellency John Dramani Mahama has disclosed a fresh petroleum discovery in Ghana’s Deepwater Cape Three Points block, located within the Tano Basin, after exploratory drilling at the Nya Gyidie-1X well.
The find, comprising natural gas and condensate, was jointly made by Planet One Oil and Gas Limited and the Ghana National Petroleum Corporation (GNPC). However, further assessments are required to determine the commercial volume of the deposit.
President Mahama described the development as a significant breakthrough, noting that it signals renewed interest in Ghana’s petroleum industry and demonstrates growing confidence among investors.
The exploration well examined the Cenomanian-Turonian geological formation, while the Lower Albian structure was also considered as an additional target.
According to the President, the successful operation fulfils an earlier undertaking by the company and reinforces efforts to revitalise activities within the country’s upstream oil and gas sector.
He explained that his administration was engaging industry players to settle unresolved disagreements, improve the business environment and encourage new capital inflows to address falling crude output.
Mr Mahama further revealed that national petroleum production had climbed beyond 120,000 barrels daily, with companies already committing significant funding towards additional developments.
He indicated that partners operating the Jubilee field had pledged $2 billion, while Tullow and other industry stakeholders were preparing further investments to strengthen infrastructure, expand extraction activities and support future exploration.
The President stressed the importance of identifying fresh reserves to compensate for existing deposits gradually exhausted through commercial operations. He also highlighted the potential of unexplored territories, particularly the ultra-deepwater Voltaian Basin and other geological formations.
As part of measures to improve the sector’s attractiveness, he announced that proposed revisions to the Petroleum Exploration and Production Act had been forwarded to Cabinet for consideration, with the aim of introducing more favourable investment conditions.
President Mahama emphasised that the benefits of petroleum development must extend beyond revenue generation, creating employment, supporting indigenous enterprises and increasing the involvement of local businesses.
He said the government’s broader ambition was to ensure that Ghana’s natural wealth delivers meaningful economic benefits and improves living conditions for citizens.
By: Magdalene Agyeiwaa Sarpong