Ghana has announced a series of major investments in its upstream petroleum sector, totalling $3.5 billion, as part of efforts to revitalise exploration and boost energy security.

The agreements were unveiled on Monday, September 15, during the opening of the 31st Africa Oil Week, which for the first time is being hosted in Accra.

Energy and Green Transition Minister, John Abdulai Jinapor disclosed that the government had signed a $2 billion framework agreement with Jubilee and TEN Partners for the drilling of 20 new wells and related infrastructure.

In addition, a $1.5 billion Memorandum of Intent (MoI) will be executed with OCT partners during the conference.

“This is not just a figure on a page; it is a vote of confidence in Ghana’s upstream petroleum sector, our economy, a commitment to job creation, and a catalyst for the infrastructure that will power our nation forward,” Mr Jinapor stated.

The Minister further revealed that other global energy giants had expressed strong interest in entering Ghana’s upstream industry, describing the interest as “a powerful validation of our work to create a stable, attractive, and world-class investment environment.”