Ghana secures $3.5bn projected savings from renegotiated ENI gas deal – Mahama
President John Dramani Mahama has announced that Ghana is expected to save approximately $3.5 billion over the remaining life of the Offshore Cape Three Points (OCTP) field following a renegotiated gas sales agreement with Italian energy company ENI.
Under the revised agreement, the average price of gas supplied to Ghana is expected to decline by 23%, significantly reducing the country’s expenditure on natural gas.
Speaking at the 2026 Local Content Conference and Exhibition organised by the Petroleum Commission in Takoradi, President Mahama said the renegotiated agreement formed part of broader efforts by his administration to reduce energy costs, strengthen the petroleum sector and secure better financial returns from the country’s natural resources.
He disclosed that the agreement would deliver substantial savings to Ghana over the remaining lifespan of the field.
“Under the renegotiated gas sales agreement with ENI, the average gas price is expected to fall by 23%, with projected savings of about $3.5 billion over the remaining life of the field,” he stated.
The President further revealed that Ghana was currently producing approximately 400 million standard cubic feet of natural gas per day, with output expected to approach 500 million standard cubic feet following the completion of upgrades to the Offshore Cape Three Points non-associated gas facilities.
He also announced that the price of gas from the Jubilee Field was expected to decline by approximately 18%, translating into estimated savings of about $300 million for the country.
President Mahama said the government had also fully restored the $500 million World Bank guarantee and brought its gas payment obligations to international partners up to date.
“I am also happy to note that Ghana has fully restored the $500 million World Bank guarantee and is currently up-to-date with its gas payments to its partners,” he said.
The President attributed the improving outlook in the petroleum sector to renewed engagements with international partners, the resolution of outstanding disputes and efforts to establish a more predictable investment environment.
He noted that Ghana’s crude oil production had increased from approximately 88,000 barrels per day to more than 120,000 barrels per day, with existing operators committing fresh capital to expand production.
The Jubilee partners have committed $2 billion, while partners in the Offshore Cape Three Points project have pledged $1.5 billion to finance new wells, subsea infrastructure and production facility expansions.
President Mahama stressed that the government remained committed to securing sustainable domestic gas supplies to support power generation, industrial development and the country’s broader economic transformation.
He urged the Petroleum Commission and industry operators to strengthen collaboration to ensure that investments in the upstream petroleum sector translated into lasting economic benefits for Ghana.
