Ghana’s crude oil production has increased by about 30% this year, reversing five years of decline, Energy and Green Transition Minister John Abdulai Jinapor has announced.
The rebound follows renewed investment in the country’s upstream petroleum sector, including a $2 billion memorandum of understanding signed with Kosmos Energy in 2025 to extend the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) licences to 2040.
Speaking at African Energy Week in Cape Town, Mr Jinapor said the increase marked a significant turnaround in the country’s oil production performance.
“We have seen a continued systematic decline in oil output over the past five years. But this year, I am happy to announce that oil production has increased by about 30%,” he said.
The recovery comes as the government seeks to attract fresh investment, expand production and secure more affordable natural gas for domestic power generation.
Following the licence extensions, the government approved an amended Jubilee development plan covering up to 20 additional wells. The programme is expected to support higher output and strengthen domestic gas supply.
Kosmos Energy’s August results indicated that the Jubilee partners were seeking a rig for a drilling campaign of up to 10 wells between 2027 and 2028, with operations expected to begin in mid-2027.
Jubilee averaged approximately 72,000 barrels of oil per day on a gross basis in the second quarter of 2026. The J76 and J77 wells came online in June and July, respectively. Kosmos has maintained its 2026 capital expenditure budget at $350 million.
Kosmos Energy Chief Executive Officer Andy Inglis said the licence extension had strengthened the company’s confidence to invest in the field, including through technology, while supporting efforts to supply gas to Ghana.
“As we deal with energy security, it also comes down to energy affordability. We agreed to supply low-cost gas to the country,” he said.
Ghana reviews fiscal terms to attract investment
Beyond expanding existing fields, the government is pursuing changes to the country’s upstream fiscal regime to attract new investment and sustain production.
Mr Jinapor said the proposed reforms were intended to make Ghana’s petroleum sector more competitive and investor-friendly. The energy and finance ministers have approved the changes, which are expected to proceed to Cabinet and then Parliament.
He added that Ghana would sign an agreement with Chevron after parliamentary approval.
The government is also holding discussions with Shell, CNOOC and Petrobras as it seeks to attract more international oil companies into the sector.
