Govt secures US$3.5 billion investment to revive upstream oil and gas sector — Finance Minister

The Government has secured more than US$3.5 billion in new investment commitments from partners in the Jubilee and Offshore Cape Three Points (OCTP) fields as part of efforts to revive Ghana’s upstream oil and gas sector.

The investments followed the introduction of investor-friendly reforms aimed at reversing the country’s declining crude oil production.

Dr Cassiel Ato Forson, the Minister of Finance, made this known when he presented the 2026 Mid-Year Budget Review in Parliament on Thursday, in Accra.

He said Ghana’s crude oil production had dropped significantly from 71.4 million barrels in 2019 to about 36 million barrels in 2025.

The reforms, the Finance Minister said, were already yielding positive results, with production at the Jubilee Field increasing from a projected 68,000 barrels to about 95,000 barrels per day, while the Sankofa Field was producing about 28,000 barrels per day.

He said gas production had also risen from 245 million to about 282 million standard cubic feet per day.

The finance minister said a new agreement with the OCTP partners would further increase gas production to 350 million standard cubic feet per day.

He announced that Government was updating the laws governing the upstream petroleum sector to make Ghana more attractive to investors.

The proposed legislative amendments, he said, would be submitted to Parliament before the end of the year.

Dr Forson said the reforms formed part of the Government’s broader strategy to attract investment, boost production and strengthen the country’s energy sector.

GNA