President Mahama Announces GNPC Plans to Drill Two New Exploration Wells by Q3 2026
President John Dramani Mahama has revealed 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 in Accra, the President reaffirmed his administration’s commitment to expand both offshore and onshore exploration in partnership with investors. He highlighted the Voltaian Basin as one of Africa’s most promising onshore frontiers, noting that the new wells present a “unique farming opportunity” for partners seeking to pioneer Ghana’s onshore petroleum potential.
“Under my leadership, we are committed to building a business environment in Ghana that meets investors’ expectations while safeguarding our national interests,” he stated. “When I took office in January, we immediately signalled to the investment community that Ghana’s upstream sector is open once again for business.”
According to him, recent reforms in the upstream sector are already yielding results, with renewed interest in Ghana’s offshore basins and increased gas production from the Jubilee and OCTP fields. He disclosed that three international supermajors are currently engaged in commercial negotiations with the Ghana Negotiations Team and GNPC — a sign, he said, of investor confidence in Ghana’s governance and investment climate.
President Mahama also announced an ongoing review of the Petroleum Exploration and Production Act, 2016 (Act 919), to align the country’s regulatory framework with evolving global industry trends.
On energy security, he disclosed that GNPC, Shell and other partners are renegotiating the LNG sale and purchase agreement to ensure LNG deliveries to Ghana within the next 18 months. “This will reduce our dependence on costly liquid fuels, enhance energy security, and lower overall energy costs,” he said.
The government is also accelerating investments in gas infrastructure, including pipelines, processing plants and storage facilities, to improve gas evacuation from production fields and open new opportunities for private sector participation.
Looking ahead, President Mahama reiterated his vision of positioning Ghana as a petroleum hub for the region. “Our primary focus is to anchor energy reliability and security through a gas-to-power policy, which ensures natural gas becomes the primary fuel for our thermal plants,” he stated.
