Ghana expects to sign at least six new petroleum agreements with international oil companies by the first quarter of 2027 as the government steps up efforts to attract investment and reverse years of declining crude oil production, Energy Minister Dr John Abdulai Jinapor has said.
Jinapor said negotiations with major industry players were progressing as part of a broader programme to revitalise the country’s upstream petroleum sector.
Speaking at the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi on Tuesday, November 10, Jinapor named Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil among the companies engaged in discussions with Ghana.
He said the government was working to restore investor confidence through greater policy certainty, regulatory predictability and a more attractive investment environment.
The renewed push comes as Ghana seeks to reverse a prolonged decline in crude oil production.
Jinapor said annual output had fallen from a peak of approximately 71 million barrels to about 37 million barrels, with the decline affecting economic activity in Takoradi and the wider Western Region.
He, however, announced that daily crude oil production had increased from about 90,000 barrels to 122,000 barrels, marking what he described as the first reversal of the declining trend in six years.
The minister said the government was determined to move beyond stabilising production and achieve sustained growth through increased exploration, reserve replacement and long-term investment.
He identified the Ebano-Afoma field, the Pecan field and the deepwater Keta prospects among the projects being prioritised for development.
Jinapor also announced plans to begin construction of Ghana’s third gas processing plant, with a groundbreaking ceremony expected next month.
On local content, the minister said the government was seeking to deepen Ghanaian participation in the upstream petroleum industry beyond regulatory compliance.
He disclosed that Ghanaians currently account for approximately 90% of the upstream petroleum workforce, while the value of local content had increased from about US$227 million in 2024 to US$450 million.
He said sustaining these gains would require stronger partnerships, technology transfer, skills development and greater opportunities for indigenous businesses.
Jinapor also welcomed a memorandum of understanding between the Ghana National Petroleum Corporation (GNPC) and Eni, describing the associated gas sales agreement as an important development for the energy sector.
He cautioned, however, that Ghana was competing with other African petroleum-producing countries for limited global exploration capital and could no longer rely solely on its petroleum potential to attract investors.
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