Ghana’s crude oil production rises above 120,000 barrels per day – Mahama
President John Dramani Mahama has announced that Ghana’s crude oil production has increased to more than 120,000 barrels per day, signalling a recovery from the significant decline experienced in the country’s upstream petroleum sector in recent years.
The President attributed the improvement to renewed investor confidence, the resolution of outstanding disputes with petroleum partners and fresh investment commitments aimed at expanding production capacity.
Speaking at the 2026 Local Content Conference and Exhibition organised by the Petroleum Commission in Takoradi, President Mahama said his administration had prioritised restoring confidence in the oil and gas industry since assuming office.
He recalled that Ghana’s crude oil production peaked at approximately 195,000 barrels per day in 2019 but subsequently declined to about 88,000 barrels per day, resulting in reduced opportunities for Ghanaian service companies and lower petroleum revenues.
President Mahama acknowledged that although external factors associated with the global transition to green energy contributed to the decline, poor governance and regulatory inconsistencies also weakened investor confidence.
“But to be honest and realistic, our poor governance and lack of regulatory consistency led to a marked decline in interest in our oil and gas prospects. Major players withdrew and redirected their investments elsewhere,” he stated.
He said the government had subsequently intensified engagements with international petroleum partners to resolve outstanding disputes, restore investor confidence and reverse the decline in production.
“I myself have chaired many of these meetings with our partners, and I want to thank them for responding positively and coming back and reinvesting in Ghana’s oil and gas sector,” he added.
According to the President, the renewed engagements are beginning to yield results, with crude oil production now exceeding 120,000 barrels per day and existing operators committing fresh capital to new projects.
He disclosed that the Jubilee partners had committed $2 billion, while partners in the Offshore Cape Three Points project had pledged $1.5 billion to finance new wells, subsea infrastructure and the expansion of production facilities.
President Mahama said the investment at the Jubilee Field was expected to sustain crude oil output while increasing natural gas production.
He 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.
The President also announced that government was engaging international energy companies, including ENI, Vitol, Shell, Chevron and Petrobras, on prospective petroleum acreages in the country’s western and eastern sedimentary basins.
He said three memoranda of understanding had been signed on key terms for three blocks, while discussions on additional petroleum agreements were ongoing.
President Mahama emphasised that sustaining the recovery would require continued exploration, improved regulatory consistency and stronger partnerships between government and industry operators.
He further urged petroleum companies to expand opportunities for Ghanaian businesses and workers through skills development, technology transfer and increased local participation in the industry.
