Ghana has taken a major step towards reviving upstream petroleum exploration with the signing of two Memoranda of Understanding (MoUs) covering offshore acreages GH WB 3 and GH WB 8 in the Tano Basin.

The agreements involve Eni Ghana, Vitol Upstream Tano Ltd and the Ghana National Petroleum Corporation (GNPC) and are expected to pave the way for final Petroleum Agreements.

The MoUs were signed on behalf of the government by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor, as part of efforts to unlock Ghana’s remaining hydrocarbon potential and attract fresh investment into the upstream sector.

The two blocks cover approximately 2,100 square kilometres, with water depths ranging from 750 to 2,800 metres.

According to the government, the agreements build on a Memorandum of Intent signed in 2025, which proposed an investment of US$1.5 billion.

The government said the latest development forms part of reforms being pursued under President John Dramani Mahama to create a more competitive, predictable and investment-friendly petroleum sector while ensuring the responsible development of the country’s natural resources.

The proximity of the two acreages to existing producing fields and petroleum infrastructure is expected to provide opportunities for the investors to leverage Ghana’s established upstream ecosystem as exploration progresses.

Government says it will continue to deepen reforms, attract investment and accelerate exploration and production while ensuring that Ghana secures maximum and sustainable value from its hydrocarbon resources.