The government is implementing measures to restore investor confidence, increase exploration, and reverse declining oil production as Ghana seeks to revitalise its upstream petroleum sector, Minister for Energy and Green Transition Dr John Abdulai Jinapor has said.

Speaking at the 15th anniversary celebration of the Petroleum Commission, Mr Jinapor said Ghana faced increasing competition for international capital at a time when the global energy transition was reshaping the petroleum industry.

“Production has declined from earlier levels, exploration must increase, new investment is required, and competition for international capital has intensified,” he said.

According to him, the government is reviewing the country’s upstream petroleum policy, legislative and regulatory framework to create a more competitive investment environment while ensuring that the state receives a fair return from its petroleum resources.

“Our task is to compete on certainty; through a predictable regulatory regime, fiscal stability, transparency, and consistency,” Mr Jinapor said.

He disclosed that Ghana was already seeing renewed interest in its upstream acreage, including frontier basins, with major international oil companies expressing interest.

He also cited investment commitments by Jubilee and TEN partners of approximately US$2 billion for further development, including at least 10 new wells.