Ghana: ‘Big Oil Investors’ Now Showing Interest In Upstream Sector – Energy Minister

The Ghanaian government’s reset agenda for the upstream petroleum sector is yielding positive results, with the investment community showing renewed interest, Energy Minister John Abdulai Jinapor has disclosed.

Speaking in Takoradi on Tuesday at the opening of the 2025 Local Content Conference and Exhibition, Mr. Jinapor stated that after a prolonged downturn that resulted in a 32% decline in oil production, the oil and gas sector is showing clear signs of recovery, driven by strategic government interventions.

He attributed the sector’s previous challenges to regulatory inefficiencies, ambiguous and inconsistent policies that sent mixed signals to investors, and burdensome tax regimes—factors that had brought the industry to its knees.

However, Mr. Jinapor emphasised that under the Mahama-led administration, targeted reforms are reversing these fortunes, expressing strong confidence in the sector’s sustained rebound. He underscored the need for concerted, long-term efforts to preserve and build on the current gains.

“Since assuming office, we’ve resolved the dispute between Springfield and ENI—a move that sent a strong positive signal. In the oil sector, consistency and clear signalling are important. I’m pleased to report that in this short time, we’ve increased gas production to approximately 50 MMSCFD. We’ve also signed a $1.5 billion framework agreement with ENI and a $2 billion agreement with the Jubilee partners. Major industry players are now showing renewed interest in Ghana,” he stated.

Also speaking at the event, Acting CEO of GNPC, Kwame Ntow Amoah, reiterated the Corporation’s leadership in driving innovation and local competence across Ghana’s petroleum sector.

Mr. Amoah called for renewed collaboration among policymakers, investors, and operators to revitalise Ghana’s exploration and production sector through technology, research, and homegrown capacity.

Highlighting progress in the Voltaian Basin Project and the establishment of GNPC’s Research & Technology Centre, he said the Corporation continues to build the systems, partnerships, and people that define Ghana’s upstream future.

“Local content must evolve beyond mere percentages to become a catalyst for competitiveness, sustainability, and growth,” Mr. Amoah concluded.