President John Dramani Mahama has announced a new offshore hydrocarbon discovery in Ghana’s Cape Three Points contract area, calling it a significant step in efforts to revive exploration and restore confidence in the country’s upstream petroleum industry.
The discovery was made by Planet One Oil and Gas Limited in partnership with World Upstream Limited and the Ghana National Petroleum Corporation (GNPC). It was announced at the 2026 Petroleum Commission Local Content Conference and Exhibition in Takoradi on Tuesday, 10 November 2026.
The conference was held under the theme: “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reforms and Partnership to Spur Competitiveness and Investment.”
The find was made at the Nya Gyidie (Have Faith) 9 1X Well in the deepwater Cape Three Points contract area. Mr Mahama said it represented Ghana’s first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target, with the Albian formation assessed as a secondary objective.
He said the well’s name reflected the government’s determination to rebuild investor confidence and accelerate responsible exploration. The President congratulated Planet One Oil and its partners and asked the Petroleum Commission to ensure operators meet their exploration and work programme obligations.
Investment and production
Mr Mahama said renewed engagement with international oil and gas companies was beginning to produce results after years of falling output and uncertainty among investors.
Crude oil production has recovered to more than 120,000 barrels per day, he said, following government efforts to settle outstanding disputes and restore confidence among upstream operators.
Jubilee partners have committed $2 billion in new investment, while partners in the Offshore Cape Three Points project have pledged a further $1.5 billion. The funding will support new wells, subsea infrastructure and expanded production facilities.
The Jubilee investment is expected to sustain oil production and increase gas output. A renegotiated gas price should reduce the cost of Jubilee gas by approximately 18%, creating estimated savings of $300 million.
Under revised gas sales agreements with ENI and Vitol, the average gas price is also expected to fall by 23%, with projected savings of about $3.5 billion over the remaining life of the field.
Ghana currently produces approximately 400 million standard cubic feet of natural gas each day. That figure is expected to approach 500 million standard cubic feet once upgrades to the Offshore Cape Three Points non-associated gas facilities are completed.
The government has fully restored the $500 million well-being guarantee and is up to date with gas payments to its partners, the President said.
He acknowledged that production had fallen from a peak of approximately 195,000 barrels per day in 2019 to about 88,000 barrels per day. He attributed part of the decline to the global energy transition, but said poor governance and regulatory inconsistencies had also damaged investor confidence, prompting major industry players to withdraw or redirect investment.
His administration, he said, was addressing upstream disputes, improving regulatory consistency and creating a more predictable investment environment.
Government discussions are under way with ENI, Vitol, Shell, Chevron and Petrobras over prospective acreage in Ghana’s western and eastern sedimentary basins. Three memoranda of understanding covering key terms for three blocks have been signed, while negotiations on other petroleum agreements continue.
A major obstacle to developing the Pecan field has also been removed, allowing discussions on an accelerated development programme to begin. Mr Mahama said the government would continue to resolve disputes and arbitration outcomes while protecting the interests of all parties, citing its recent engagement with Tullow after arbitration as an example.
Exploration and local participation
Proposed amendments to the Petroleum Exploration and Production Act, 2016 (Act 919), have been signed by the Ministers of Energy and Finance and submitted to Cabinet. The changes are intended to improve investment incentives and help the upstream sector adapt to changing global energy conditions.
The GNPC, through its subsidiary Explorco, is preparing to drill its first exploration wells in the Voltaian Basin, with drilling expected to start in the first quarter of 2027.
Mr Mahama instructed the Petroleum Commission to ensure operators engage host communities, reduce environmental and social effects and create economic opportunities in areas where they work.
He said the success of the petroleum industry should be judged not only by production and investment but also by opportunities for Ghanaian companies and workers. He recalled opposition from some international partners in 2013 to the Local Content and Local Participation Regulations, 2013 (L.I. 2204), but welcomed the fact that some of those organisations now actively support local content.
The President, who praised the Petroleum Commission for 15 years of service, said local content must extend beyond Ghanaian ownership to include skills development, technology transfer, employment and the capacity of local companies to deliver more complex contracts.
International operators were urged to give qualified Ghanaian suppliers early information about forthcoming contracts and include training and technology transfer in their partnerships. Financial institutions were asked to create financing structures that would allow credible Ghanaian suppliers to compete for larger contracts.
Universities, technical institutions and professional bodies were also encouraged to align training with the skills required by the petroleum sector. The Petroleum Commission was tasked with enforcing safety, environmental protection and local participation standards as activity expands.
Refining and gas processing
Mr Mahama said Ghana also wanted to build stronger links between upstream production, domestic refining, gas processing and petrochemical manufacturing.
He referred to the $28 billion agreement between the Petroleum Hub Development Corporation and a consortium led by Global Spheres for the second phase of the Petroleum Hub project, which is intended to help establish Ghana as a regional centre for refined petroleum and petrochemical products.
The Petroleum Commission was asked to work with the Petroleum Hub Development Corporation and upstream operators to secure dependable feedstock for the planned refineries and petrochemical plants.
The President also highlighted the recommissioning of the Tema Oil Refinery crude distillation unit in August after critical maintenance. The Ministry of Energy and Green Transitions facilitated the supply of Jubilee crude before the restart, and the refinery subsequently received 950,000 barrels from GNPC.
He said processing Ghanaian crude domestically would allow the country to retain more value from its natural resources.
Construction has begun on GPV-2, the second gas processing facility, at Anochie in the Western Region. The plant is expected to reduce dependence on imported liquid fuels for power generation and produce savings for the country.
Mr Mahama urged delegates to use the conference to identify practical opportunities for Ghanaian businesses, deepen partnerships and attract investment. He said the wider aim was to turn petroleum resources into jobs, industrial growth and lasting improvements in living standards.
He officially opened the 2026 Petroleum Commission Local Content Conference and Exhibition and launched the accompanying exhibition.
