Ghana has invited Brazilian state-owned oil company Petrobras to enter into direct talks on oil exploration in the Keta Basin, as the country intensifies efforts to attract fresh investment into its upstream petroleum sector.

The Chief Executive of the Petroleum Commission, Emeafa Hardcastle, disclosed this at the launch of the 2025 Annual Investment Report. She revealed that several major exploration and production (E&P) companies have expressed interest in securing petroleum agreements in Ghana.

“We already have a few major exploration and production companies knocking at our doors for petroleum agreements. While some of these discussions remain confidential, I can confirm today that we have extended a formal invitation to Petrobras to engage in direct negotiations with Ghana over the Keta Basin,” she said.

Ms. Hardcastle added that the Petroleum Commission would continue collaborating with relevant government agencies to enhance the regulatory environment and facilitate responsible petroleum development.

She stressed that Ghana must look beyond the immediate financial returns from petroleum investments and consider the broader economic opportunities the sector can generate.

“The value of petroleum investment should not be measured solely by the capital that enters the country. We must also consider the jobs created, technology transferred, businesses developed, infrastructure established, and industrial capabilities built,” she said.

According to her, the upstream petroleum industry has significant linkages with other sectors of the economy, including engineering, fabrication, logistics, finance, insurance, information technology, manufacturing, and professional services. These linkages, she noted, could help position the petroleum sector as a driver of Ghana’s industrialisation.

“If properly harnessed, investments in petroleum can become an important catalyst for broader industrialisation,” she said.

Ms. Hardcastle further stated that the Petroleum Commission remained committed to ensuring that local content participation is commercially sustainable and contributes meaningfully to Ghana’s economic transformation.

“We remain optimistic about the prospects for Ghana’s upstream industry,” she said.

She assured investors that the Commission would continue to work with other state institutions to improve regulatory efficiency and create an environment that supports long-term investment in Ghana’s petroleum sector.