Eni, Jubilee partners to invest $3.5 billion in Ghana’s oil sector-Energy Minister
Minister for Energy and Green Transition, John Abdulai Jinapor, has announced that government has secured investment commitments totaling $3.5 billion from international oil partners to revive and expand Ghana’s petroleum sector.
According to the minister, global energy firm Eni is expected to invest $1.5 billion in Ghana’s oil industry, while the Jubilee Partners will inject an additional $2 billion into the sector.
Speaking during the #ResettingGhana Tour Citizens’ Engagement in the Savannah Region, Jinapor said the investments form part of government’s broader strategy to reverse declining petroleum production and strengthen the country’s energy sector.
“We’ve signed an MOU with Eni. They are going to spend $1.5 billion in the oil sector,” he said.
“As if that is not enough, we’ve signed another MOU with the Jubilee Partners. They are going to spend $2 billion in the oil sector, which will create jobs for you people, so that when you leave school, you can get employment,” he added.
The Energy Minister noted that Ghana’s petroleum production had declined consistently over the past five years, but assured citizens that the trend would change this year under President John Dramani Mahama’s administration.
“Under President Mahama, this year petroleum production is not going to decline. It’s not just going to plateau, it’s going to pick up and start rising again,” Jinapor stated.
He explained that the investments would not only increase oil production but also generate employment opportunities, stimulate economic activity, and improve government revenue.
Jinapor further stressed that although the energy sector remains challenging, the government is implementing reforms aimed at making the sector more resilient and attractive to investors.
“The energy sector is a difficult sector, but I can assure you that under President Mahama we are turning the energy sector around,” he said.
