Ghana Clears Oil and Gas Disputes, Opens Door to $3.5 Billion Investment

Ghana has resolved outstanding disputes with upstream oil and gas operators, clearing the way for $3.5 billion in new investment commitments in the sector. Partners in the Jubilee and TEN fields have committed up to $2 billion to drill 20 additional wells. The consortium behind the Offshore Cape Three Points (OCTP) project has also pledged $1.5 billion to increase gas exports and develop the Eban-Akoma discoveries.

The agreements were announced on August 21 by Petroleum Commission Director General Emeafa Hardcastle during the launch of the regulator’s 2025 annual investment report in Accra. The Petroleum Commission did not disclose the disputes that had been settled. The resolution follows Parliament’s approval in February to extend the Jubilee and TEN field licences to 2040.

Jubilee and TEN Set for More Drilling

The Jubilee and TEN partners — Tullow Oil, Kosmos Energy, PetroSA and Ghana National Petroleum Corporation (GNPC) plan to invest up to $2 billion in 20 additional wells during the extended licence period. Energy Minister John Jinapor has approved the development plan. The agreement also includes an 18% reduction in the price of gas supplied from Jubilee, which the government estimates will save Ghana about $300 million. The investment comes as Ghana works to reverse a long decline in oil production. Output fell from 71.44 million barrels in 2019 to 37.3 million barrels in 2025, according to the Public Interest and Accountability Committee. Jinapor said production had since increased to 126,000 barrels per day in 2026, up from 90,000 barrels per day at the start of the year.

Eban-Akoma Adds to Gas and Oil Plans

The OCTP consortium, made up of Eni, Vitol and GNPC, has pledged another $1.5 billion. The investment will support higher gas exports and development of the Eban-Akoma discoveries, which the partners declared commercially viable in July 2025. Eban-Akoma is located offshore Ghana in OCTP’s Block 4 and is estimated to contain 500 million to 700 million barrels of oil equivalent.

The two commitments are currently contained in memoranda of understanding rather than final financing agreements. Their implementation will therefore depend on the completion of the required investment and development processes. The commitments also come as Ghana faces pressure to increase domestic gas production. The government sees stronger gas output as important to the country’s energy security amid disruption in global energy markets.

Hardcastle said Ghana should position itself to take advantage of changing conditions in global energy markets.The government is also preparing amendments to the Petroleum (Exploration and Production) Act, with Parliament expected to consider the legislation before the end of the year.