Government Secures $3.5bn in New Oil and Gas Investments, Says Finance Minister
Minister for Finance, Dr Cassiel Ato Forson, has disclosed that government’s investor-friendly reforms have attracted over US$3.5 billion in new investment commitments in 2025 to revitalise Ghana’s oil and gas sector.
Presenting the 2026 Budget Statement and Economic Policy themed “The Ghana We Want” to Parliament on Thursday, November 13, 2025, Dr Forson said the investments are a clear sign of renewed investor confidence in Ghana’s upstream petroleum industry following years of declining production.
“These include a US$2 billion framework agreement for the Jubilee and TEN fields to drill 20 new wells, and a US$1.5 billion Memorandum of Intent with the Offshore Cape Three Points (OCTP) partners to expand operations,” he stated.
He further revealed that the new investor-friendly climate has drawn the interest of major international oil companies such as Shell, whose participation is expected to bring in new capital, advanced technology, and technical expertise to boost production and exploration.
Dr Forson also announced that the Ghana National Petroleum Corporation (GNPC) will commence drilling for oil in the offshore Voltain Basin in October 2026, with encouraging prospects for expanding the country’s hydrocarbon output.
He added that government is currently undertaking an upstream regulatory and fiscal review to make Ghana’s petroleum regime more competitive, transparent, and stable to attract further investments.
Ghana’s oil production has, however, declined sharply in recent years—from 71.4 million barrels in 2019 to an estimated 36 million barrels in 2025, representing almost a 50 percent drop.
Dr Forson emphasised that the new wave of investments, coupled with policy reforms, aims to reverse this decline and position the petroleum sector as a key driver of growth within the broader economic transformation agenda.
