President John Dramani Mahama has announced a new oil and gas discovery in Ghana’s Deepwater Cape Three Points block in the Tano Basin following the successful drilling of the Nya Gyidie-1X exploration well.
The discovery was made by Planet One Oil and Gas Limited in partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC).
According to President Mahama, the well contains gas and condensate, although the full size of the discovery is yet to be determined.
Speaking at an event, President Mahama described the discovery as an important milestone for Ghana’s petroleum industry, noting that it was the country’s first successful test of a Cenomanian-Turonian carbonate play.
He said the exploration success demonstrated renewed confidence in Ghana’s upstream petroleum sector and fulfilled a commitment made by the company and its partners.
President Mahama said his government was taking steps to restore investor confidence, resolve outstanding disputes with petroleum operators and attract fresh investments to reverse the decline in the country’s oil production.
He disclosed that Ghana’s crude oil production had increased to more than 120,000 barrels per day, with existing operators also committing significant funds to new projects.
According to President Mahama, partners in the Jubilee field have committed US$2 billion, while additional investments involving Tullow Oil and its partners are expected to support exploration, infrastructure development and increased production.
He stressed the need for Ghana to attract further investment to replace oil reserves depleted through production. He also pointed to the potential of unexplored areas, including the ultra-deepwater Voltaian and other sedimentary basins.
As part of efforts to improve the investment climate, President Mahama revealed that proposed amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet for consideration. The changes are expected to introduce improved incentives to attract investors into the sector.
President Mahama said the government’s priority was to ensure that new discoveries and investments create jobs, expand opportunities for local businesses and increase the participation of Ghanaian companies in the petroleum industry.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.
