Ghana is being urged to deliberately attract well-capitalised and experienced international oil companies into its upstream petroleum sector to help reverse the country’s steady decline in crude oil production.
The call was a key highlight during a media engagement on the 2025 annual report by the Public Interest and Accountability Committee (PIAC). Stakeholders emphasised that bringing in major global oil firms could provide the technical expertise and financial strength needed to unlock dormant oil blocks and revive production.
According to discussions at the event, while Ghana continues to produce oil from the Jubilee, TEN and SGN fields, several other blocks particularly in the Tano Cape Three Points (Western Basin), the Saltpond/Central Basin, and the Accra-Keta/Eastern Basin remain underdeveloped. This has largely been attributed to the limited capacity of smaller operators currently managing some of these assets.
Participants argued that the entry of established international oil companies could stimulate fresh investment, boost investor confidence, and strengthen Ghana’s petroleum governance framework.
Data from the PIAC report paints a concerning picture. Total crude oil production dropped to 37.3 million barrels in 2025, a sharp decline from the peak of 71.4 million barrels recorded in 2019. Output from the Jubilee, TEN and SGN fields fell by 30.3 per cent, 14 per cent and 3.6 per cent respectively.
The production slump has also affected government revenue. Petroleum receipts declined significantly to $770.27 million in 2025, representing a 43.27 per cent drop from the $1.36 billion recorded in 2024.
Stakeholders noted that smaller operators often lack the financial muscle and technical capability required for high-risk exploration, especially in frontier basins where geological data is limited. To address this, they proposed introducing a differentiated fiscal regime for the Central and Eastern Basins to reflect their higher risks and make them more attractive to investors.
There were also concerns about policy consistency and regulatory clarity. Participants pointed to Ghana’s recent arbitration proceedings involving Eni as a factor that has negatively impacted investor confidence in the sector.
Beyond attracting new investors, stakeholders recommended tackling technical challenges affecting production particularly in the TEN field while also strengthening the management of petroleum revenues and reducing the country’s dependence on oil.
There was broad agreement among PIAC members, civil society groups and media participants that urgent action is needed. Without renewed investment and strategic reforms, Ghana’s oil industry risks facing a significant contraction in the coming years.
