The Ghana National Petroleum Corporation (GNPC) is targeting a recovery in oil production, expanded gas commercialisation and increased exploration as it marks 40 years of operations.

The Corporation outlined the priorities at its 3rd Annual General Meeting at the Labadi Beach Hotel in Accra.

The meeting, held under the theme “40 Years of Resilience,” reviewed GNPC’s performance in 2025 and its plans for the next phase of growth.

GNPC Board Chairman, Prof. Joseph Oteng-Adjei, said the Corporation’s four-decade journey had been marked by efforts to build Ghana’s petroleum industry, attract upstream investment, develop commercial discoveries and strengthen its operatorship capacity.

“Each phase of this journey has been characterised by resilience, adaptability and an unwavering commitment to creating lasting value for Ghana.”

He said the Board would focus on reversing the decline in oil production, accelerating gas commercialisation, attracting new upstream investment and advancing exploration in the Voltaian Basin.

Ghana recorded its fifth consecutive year of declining crude oil production in 2025. GNPC said it worked with operating partners on the Jubilee, TEN and Sankofa Gye Nyame fields to stabilise production.

Average daily crude oil production from the three fields stood at 102,199 barrels per day.

Gas exports for domestic use, however, reached about 336 million standard cubic feet per day, exceeding the annual target of 325 MMscf/d.

Financial performance also improved, with Group revenue rising by 3.66% to US$1.64 billion.

Gas revenue accounted for US$952.38 million and represented 65.6% of standalone revenue, highlighting the growing importance of gas commercialisation.

GNPC Chief Executive Kwame Ntow Amoah said the Corporation had adopted targeted measures to respond to the challenging operating environment.

“GNPC responded with disciplined execution, stronger focus, and targeted interventions to stabilise production, deepen gas commercialisation, advance exploration, and strengthen operatorship capability.”

He said the measures began yielding results in the second half of 2025 by slowing the steep decline in production.

A major development was the extension of three Petroleum Agreements covering Deepwater Tano, West Cape Three Points and Offshore Cape Three Points.

According to Mr Ntow Amoah, the extensions have unlocked US$3.5 billion in investment over the next three years.

GNPC also reported progress in expanding Ghana’s future resource base. The Eban-Akoma discoveries have achieved commerciality, while preparations are underway for an exploration well in the Voltaian Basin in the fourth quarter of 2026.

The Corporation is also pursuing a cluster-based development programme to unlock smaller and infrastructure-constrained petroleum resources.

Energy and Green Transition Minister, Dr John Abdulai Jinapor, urged GNPC and industry players to move beyond resilience and focus on renewed investment and production growth.

“Government welcomes these achievements, but our focus must now shift from resilience to renewal, growth and long-term sustainability.”

He said Ghana’s mature fields would require enhanced recovery, infill drilling, sophisticated reservoir management and timely capital investment.

“Every barrel produced must increasingly be matched by new reserves.”

Dr Jinapor also reaffirmed government’s support for building GNPC’s operatorship capacity to enable Ghana to take greater control of its petroleum resources.

Beyond petroleum operations, GNPC invested US$6.57 million in corporate social investment programmes in 2025.

The projects covered education, healthcare, skills development, community infrastructure and economic empowerment.

Mr Ntow Amoah said the Corporation’s direction beyond its 40th anniversary was clear.

“Looking ahead, GNPC’s focus is clear: restore production growth, expand gas commercialisation, accelerate operatorship capability, unlock new resources and build a resilient institution capable of delivering sustainable value for Ghana.”