With EXPLORCO, the exploration arm of the Ghana National Petroleum Corporation (GNPC), scheduled to drill its first exploration well in the Voltaian Basin in the first quarter of 2026, Ghana is stepping up efforts to revitalize its upstream petroleum industry.
Ahead of African Energy Week later this year, the news was made during the April 14 Invest in African Energies: Accra Investor Briefing, which highlighted new investment prospects in the nation’s oil and gas sector.
Michael Aryeetey, Managing Director of EXPLORCO, spoke to the event’s stakeholders and emphasized the historic significance of the Voltaian Basin initiative. He stated, “We will proceed with the Voltaian project because it is a key project for the country.” Since 1974, no exploratory well has been dug there, making this historic. “Because there is so much to do in the basin, the strategy is to invite other partners to explore and drill in the basin,” he said, highlighting EXPLORCO’s active pursuit of collaborations to develop this uncharted territory. We’re trying to find reliable partners.
The action is a component of a larger government plan to encourage investment and lower the risks that have historically discouraged prospecting for oil in Ghana. “To investors, Ghana is open for business,” said Richard Gyan-Mensah, Deputy Minister of Energy and Green Transition, highlighting Ghana’s investment-friendly policies. Through direct negotiations, large unlicensed offshore blocks are accessible. For some contract regions, there are also prospects for partnerships or farm-ins. Some of these blocks have successfully decreased risk.
Ghana’s energy industry is prepared to regain regional leadership, according to NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), who echoed these views. “Ghana has returned and is prepared for investment and energy leadership. I want to urge [stakeholders] to have faith in Ghana’s potential as we go. Have faith in this nation and this energy industry,” he declared.
“Ghana’s energy sector is at a pivotal stage and we need investment,” said David Pappoe, President of the AEC in Ghana, underscoring the need of bringing in new investment to the country’s petroleum business. We’re here to talk about ways to encourage foreign investment in Ghana.
In an attempt to increase investor trust, the Petroleum Commission has started to improve its fiscal and regulatory structures. “A lot of work has been done on the regulatory side, and we will soon come to the public and announce these,” said Victoria Emeafa Hardcastle, the Commission’s acting CEO. We are examining the fiscal system, which includes the time required to get licenses, as well as reporting problems and audits.
Ghana’s increased effort is a reaction to recent output drops, which GOIL CEO Edward Abambire Bawa highlighted as a problem. Due to a variety of factors, including a lack of investment, production has decreased by 25% since 2019. We’re evaluating opportunities right now,” he stated.
Increasing production from current fields is still one of the top goals. “We have 1.2 trillion cubic feet of gas in place and 640 million barrels in the Jubilee, TEN, and surrounding fields,” said Victor Kofi Sunu-Attah, a former advisor to the CEO and General Manager, Engineering at GNPC. To make sure that these resources can be brought to the surface, we are doing study. We encourage investors to collaborate with businesses who are prepared to drill and have 2D and 3D seismic on their blocks.
The Accra investor briefing set the stage for further in-depth conversations that are anticipated during Cape Town’s African Energy Week, which runs from September 29 to October 3. With the unmistakable message that the time to invest is now and the doors are open, Ghana is establishing itself as a major force in Africa’s energy destiny.
visit itrotronews everyday for updates