Ghana is ramping up efforts to revitalise its upstream petroleum sector, with the Ghana National Petroleum Corporation’s (GNPC) exploration wing, EXPLORCO, set to drill its first exploration well in the Voltaian Basin in the first quarter of 2026. 

The announcement was made during the Invest in African Energies: Accra Investor Briefing held on April 14, which showcased emerging investment opportunities in the country’s oil and gas industry ahead of African Energy Week later this year.

Addressing stakeholders at the event, Managing Director of EXPLORCO Michael Aryeetey, highlighted the historic significance of the Voltaian Basin initiative, saying, “We will go ahead with the Voltaian project because it is a key project for the country. This is historical because no exploration well has been drilled there since 1974.”

He noted that EXPLORCO is actively seeking partnerships to develop this underexplored frontier, adding, “Because there is so much to do in the basin, the strategy is to invite other partners to explore and drill in the basin. We are looking for credible partners.”

The move is part of a broader government strategy to stimulate investment and reduce the risks that have traditionally deterred exploration in Ghana’s oil sector.

Deputy Minister of Energy and Green Transition Richard Gyan-Mensah, underscored Ghana’s openness to investment, stating, “To investors, Ghana is open for business. There are vast unlicensed blocks offshore available through direct negotiations. There are also partnership or farm-in opportunities for some of the contract areas. Risk has been successfully reduced in some of these blocks.”

Echoing these sentiments, Executive Chairman of the African Energy Chamber (AEC) NJ Ayuk, said Ghana’s energy sector is ready to reclaim regional dominance.

“Ghana is back, it is ready for investment and ready for energy dominance. As we move forward, I want to encourage [stakeholders] to believe in the potential of Ghana. Believe in this country, believe in this energy sector,” he said.

The importance of attracting fresh capital to Ghana’s petroleum industry was further stressed by David Pappoe, AEC President in Ghana, who remarked, “Ghana’s energy sector is at a pivotal stage and we need investment. We are here to discuss how we can drive investment into Ghana.”

As part of its efforts to boost investor confidence, the Petroleum Commission has begun refining its regulatory and fiscal frameworks.

Acting CEO of the Commission Victoria Emeafa Hardcastle, stated, “A lot of work has been done on the regulatory side, and we will soon come to the public and announce these. The fiscal regime is something we are looking at, including the length of time taken to get permits and reporting issues and audits.”

Ghana’s renewed push comes in response to production declines in recent years, a concern acknowledged by Edward Abambire Bawa, CEO of GOIL.

“From 2019 until now, production declined by 25%, due to many attributes such as lack of investment. We are currently assessing opportunities,” he said.

One of the immediate priorities remains increasing output from existing fields.

The former Advisor to the CEO and General Manager of Engineering at GNPC Victor Kofi Sunu-Attah, disclosed that “We have 640 million barrels in the Jubilee, TEN and surrounding fields and 1.2 trillion cubic feet of gas in place. We are doing research to ensure that these resources can be brought to the surface. We invite investors to partner with companies that have 2D and 3D seismic on their blocks and are ready to drill.”

The investor briefing in Accra set the tone for deeper discussions expected at African Energy Week in Cape Town from September 29 to October 3.

Ghana is positioning itself as a key player in Africa’s energy future, with a clear message: the doors are open, and the time to invest is now.