The Government of Ghana has intensified efforts to breathe new life into the country’s upstream petroleum sector following the signing of two Memoranda of Understanding (MoUs) covering offshore acreages GH WB 3 and GH WB 8 in the Tano Basin.
The agreements were signed by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor, on behalf of the government, with ENI Ghana, Vitol Upstream Tano Ltd (Vitol) and the Ghana National Petroleum Corporation (GNPC) as parties to the arrangements.
The MoUs are expected to provide the requisite foundation for the eventual finalisation of Petroleum Agreements for the two offshore acreages, potentially opening a new frontier for exploration and investment in Ghana’s hydrocarbon industry.
The development constitutes a major plank of the government’s strategy to revitalise upstream exploration and production while unlocking the country’s remaining hydrocarbon potential.
The two offshore blocks cover an estimated 2,100 square kilometres, with water depths ranging from 750 metres to 2,800 metres.
Their strategic positioning within the Tano Basin, particularly their proximity to existing producing fields and petroleum infrastructure, is expected to enhance their attractiveness to investors.
According to the Ministry of Energy and Green Transition, the location of the acreages offers prospective investors the opportunity to leverage Ghana’s established upstream ecosystem and existing petroleum infrastructure in advancing exploration and, ultimately, potential commercial production.
The latest agreements also build upon a Memorandum of Intent signed in 2025, which envisaged an investment of approximately US$1.5 billion in Ghana’s upstream petroleum sector.
With the signing of the new MoUs, the government expects the proposed investment to progress beyond preliminary commitments towards concrete exploration and production activities.
The agreements come amid a broader recalibration of Ghana’s upstream petroleum policy under President John Dramani Mahama, with the administration pursuing reforms aimed at creating a more competitive, predictable and investment-friendly environment.
The government has maintained that attracting fresh capital into the petroleum sector is indispensable to sustaining exploration activity, particularly as the country seeks to replenish its hydrocarbon reserves and maximise the economic value of its petroleum resources.
The reforms are therefore designed not only to enhance Ghana’s attractiveness as an investment destination but also to ensure that the exploration, development and utilisation of the country’s hydrocarbon endowment are undertaken responsibly and in the overarching national interest.
The government further believes that renewed exploration could generate wider economic dividends through increased investment, employment opportunities, local content participation and enhanced activity across the petroleum value chain.
As Ghana navigates an evolving global energy landscape, the administration has reaffirmed its determination to deepen upstream reforms, accelerate exploration and production and extract sustainable economic value from the country’s hydrocarbon resources.
The signing of the two MoUs consequently marks an important precursor to the formalisation of Petroleum Agreements for GH WB 3 and GH WB 8, signalling renewed governmental efforts to position Ghana’s upstream petroleum industry for fresh investment and long-term growth.