Ghana Secures $3.5 Billion in New Upstream Petroleum Investments
Ghana has secured a massive $3.5 billion in new upstream petroleum investments, marking a significant milestone for the country’s energy sector just seven months into the current administration.
Energy and Green Transition Minister, Hon. John Jinapor, made the ground-breaking announcement during the 31st Africa Oil Week held in Accra, revealing two major investment agreements that signal renewed confidence in Ghana’s petroleum sector.
Major Investment Agreements:
The investment package comprises a $2 billion framework agreement with Jubilee and 10 partners, alongside a $1.5 billion Memorandum of Intent with Oct partners.
“In just about seven months of being in office, we’ve already signed a $2 billion framework agreement with our Jubilee and 10 partners. This investment is expected to be committed to the drilling of 20 new wells and associated infrastructure over the license period,” Minister Jinapor announced.
He further revealed: “I can announce today, here today, at this very program, that Ghana has signed another Memorandum of intent with our Oct partners to pave the way for another $1.5 billion investment in the upstream sector of this country.”
Vote of Confidence in Ghana’s Economy
Minister Jinapor emphasized the broader significance of these investments beyond mere financial figures.
“This is not just a figure on paper. It is a vote of confidence in Ghana’s upstream petroleum sector. It’s a vote of confidence in our economy and a commitment to job creation and a catalyst for the infrastructure that will propel our nation to achieve accelerated inclusive growth,” the minister stated.
Growing International Interest:
The minister also highlighted increasing global interest in Ghana’s petroleum sector, with major international energy companies expressing strong partnership intentions.
“Furthermore, the interest in Ghana’s upstream potential continues to grow. Other global energy giants have formally expressed a strong interest in partnering with Ghana to develop our hydrocarbon potential. We welcome this interest, and we are actively engaging with them,” Jinapor said .
He described this international attention as validation of the government’s policy reforms: “Their potential entry is a powerful validation of our work and our policy reforms to create a stable, attractive and world-class investment environment.”
Strategic Policy Initiatives:
The investment success comes as a result of deliberate policy initiatives implemented since the current administration took office in January 2025.
“When I took office in January, we immediately signalled to the investment community that Ghana’s upstream sector is open once again for business, and we’re committed to working with both existing and prospective investors to promote exploration, both offshore and onshore,” Minister Jinapor explained during the Africa Oil Week opening ceremony.
Long-term Vision:
The minister outlined the government’s commitment to sustainable development in the sector.
“Our message is clear. Ghana is actively working with our partners to unlock new opportunities, attract new investments, and incentivize the exploration that will replenish our resource base and ensure long-term energy security,” he emphasized.
Historic Context:
The announcements were made during Ghana’s first-ever hosting of the Africa Oil Week, a prestigious event that had been held in Cape Town, South Africa, for the previous 30 years.
“It is even more privileged to note your excellency that after 30 years of hosting the Africa oil week in Cape Town, South Africa, for the first time, Accra has had the opportunity to host this prestigious event, and we are very, very proud of this achievement,” Minister Jinapor noted.
Economic Impact:
The investments are expected to drive significant economic benefits, including job creation, infrastructure development, and enhanced energy security for Ghana. The agreements also position Ghana as an increasingly attractive destination for international energy investments in West Africa.
The $3.5 billion investment package represents one of the largest commitments to Ghana’s upstream petroleum sector in recent years and signals a promising trajectory for the country’s energy future and broader economic expansion.
