President John Dramani Mahama has disclosed that the Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, Explorco, are advancing preparations to drill two new exploration wells before the end of the third quarter of 2026.

Speaking at the Africa Oil Week at the Kempinski Hotel in Accra, he reaffirmed his government’s commitment to collaborate with both existing and potential investors to expand oil and gas exploration onshore and offshore.

“It is instructive to note that Ghana, like most African countries, has large and licensed acreages across our offshore and onshore basins. The onshore Voltaian Basin presents one of the most exciting frontiers on the continent. The Ghana National Petroleum Corporation and its exploration subsidiary, Explorco, are advancing preparations to drill two new exploration wells by the end of the third quarter of 2026,” he disclosed.

According to the President, the new wells present a “unique farming opportunity” for partners seeking to pioneer Ghana’s onshore potential.

“Under my leadership, we are committed to building a business environment in Ghana that meets investors’ expectations while safeguarding our national interests. When I took office in January, we immediately signalled to the investment community that Ghana’s upstream sector is open once again for business. And we are committed to working with both existing and prospective investors to promote exploration both offshore and onshore,” he said.

He stressed that the reforms his government has introduced are already showing results.

“These policy initiatives have begun to yield the needed results. And I am pleased to share with you the recent renewed interest in our offshore basins. The sector is picking up with increased production of gas from the Jubilee and OCTP fields. At present, three supermajors are at various stages of commercial negotiation with the Ghana Negotiations Team and GNPC. This is a strong signal of confidence in Ghana’s sedimentary basin, our governance and investment climate,” he added.

President Mahama also revealed that a comprehensive review of the Petroleum Exploration and Production Act, 2016 (Act 919), is underway to align the law with evolving global trends in the upstream industry.

Energy Security and Gas Infrastructure

Highlighting efforts to reduce Ghana’s dependence on costly liquid fuels while enhancing energy security, he noted, “GNPC, together with Shell and other partners, is renegotiating the liquefied natural gas sale and purchase agreement, with the aim of ensuring imported LNG is delivered to Ghana within the next 18 months. This will reduce the country’s dependence on costly liquid fuels, enhance energy security, and lower overall energy costs. This will end our reliance on expensive liquid fuels as backup for domestic gas, thereby strengthening energy security and lowering our energy costs.”

He further outlined the government’s accelerated plan to expand gas infrastructure, including new pipelines, processing plants, and storage systems.

These, he said, are designed to ensure the efficient evacuation of gas from production fields to markets while opening up significant opportunities for private investment and strategic partnerships.

A Vision for a Petroleum Hub

Looking ahead, President Mahama reiterated his administration’s vision of positioning Ghana as a regional petroleum hub.

“In the downstream, Ghana’s vision is to transform into a regional petroleum hub, and our primary focus is to ensure that we anchor our energy reliability and security through a gas-to-power policy, which seeks to ensure that natural gas becomes the primary source of fuel for our thermal plants,” he said.