Ghana has secured fresh investment commitments worth $3.5 billion aimed at revitalising its energy sector and reversing years of declining crude oil production, President John Mahama has announced.
The development was disclosed during the groundbreaking ceremony for Phase Two of the Sentuo Oil Refinery Project in Tema, where Mahama outlined his administration’s strategy to strengthen oil and gas production, enhance energy security and drive economic growth.
According to a statement issued by the Presidency of Ghana and distributed by APO Group, the investment package includes $2 billion from the Jubilee partners to finance the drilling of up to 20 new oil wells, alongside an additional $1.5 billion commitment from the Offshore Cape Three Points (OCTP) partners to support field development and exploration activities.
“We have committed upstream players to invest more money to drill new wells to raise the volumes of oil and gas we are producing,” President Mahama said.
He noted that the renewed investment is already delivering positive results, with Ghana on course to record its first net increase in crude oil production in six years.
Mahama revealed that production at the Jubilee oil field has increased significantly from 60,000 barrels per day to 85,000 barrels per day. He added that improvements have also been recorded at the TEN and Sankofa oil fields, signalling a broader recovery across the country’s upstream petroleum sector.
As part of efforts to sustain the momentum, the government has commenced the commercialisation of the Afina Discovery while also ratifying a new petroleum agreement covering the offshore Tano West Basin.
The President described the latest investments as a strategic move that extends beyond expanding oil infrastructure, stressing that they represent a long-term commitment to Ghana’s economic stability and energy independence.
“This expansion is not merely an investment in infrastructure. It is an investment in Ghana’s future, our energy security, and our economic resilience,” Mahama said.
