Minister for Energy and Green Transition, Dr John Abdulai Jinapor
Ghana’s crude oil production has climbed by about 30% this year, ending five consecutive years of decline, Energy and Green Transition Minister John Abdulai Jinapor says.
The turnaround follows renewed investment in the country’s upstream sector, including a $2 billion memorandum of understanding with Kosmos Energy in 2025.
The deal extended the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) licences to 2040.
Speaking at African Energy Week in Cape Town, Mr Jinapor described the change as a major shift in the country’s oil production performance.
“We have seen a continued systematic decline in oil output over the past five years. But this year, I am happy to announce that oil production has increased by about 30%,” he added.
The government is seeking further investment to lift output and obtain lower-cost natural gas for domestic electricity generation.
After the licence extensions, authorities approved a revised Jubilee development plan that includes as many as 20 additional wells.
The work is expected to bolster field performance and increase gas supplies for Ghana.
Kosmos Energy reported in August that Jubilee partners were looking to secure a rig for a campaign of up to 10 wells, planned for 2027 and 2028.
Drilling is expected to start in mid-2027.
Jubilee produced an average of about 72,000 barrels of oil per day on a gross basis in the second quarter of 2026.
The J76 and J77 wells began operating in June and July, respectively.
Kosmos has kept its 2026 capital spending forecast at $350 million.
Chief executive Andy Inglis said the extended licence had boosted Kosmos’ willingness to invest in the field, including in technology, and supported plans to provide gas to Ghana.
“As we deal with energy security, it also comes down to energy affordability. We agreed to supply low-cost gas to the country,” he explained.
Alongside development of existing fields, the government is working on changes to the upstream fiscal framework to encourage new investment and maintain production.
Mr Jinapor said the proposed measures would make Ghana’s petroleum industry more competitive and attractive to investors.
The energy and finance ministers have endorsed the changes, which are due to go to Cabinet before being presented to Parliament for more deliberation.
He said Ghana would sign an agreement with Chevron after parliamentary approval.
The Ghana government is also in talks with Shell, CNOOC and Petrobras as it looks to bring more international oil companies into the sector.
By: Magdalene Agyeiwaa Sarpong