Ghana’s Oil and Gas Sector Gains Momentum
Ghana’s oil and gas industry is experiencing a significant revival, marked by Eni’s recent declaration of commerciality for the Eban-Akoma complex in the Cape Three Points Block 4. This discovery is estimated to hold between 500 and 700 million barrels of oil equivalent (boe), making it the country’s largest offshore find in recent years. The site is located near Eni’s existing Sankofa production hub, which allows for efficient and cost-effective development.
This milestone comes alongside other key developments in the sector, such as the granting of 15-year license extensions to Tullow Oil and Kosmos Energy. These actions reflect growing confidence in Ghana’s energy potential and highlight the efforts made by the government to restore investor trust and stimulate growth in the industry.
Securing Long-Term Energy Commitments
In the past month, Tullow Oil and Kosmos Energy, along with partners PetroSA, the Ghana National Petroleum Company (GNPC), and Explorco, signed a Memorandum of Understanding to extend petroleum licenses in the Jubilee and TEN fields through 2040. While the Eban-Akoma discovery highlights the country’s geological potential, this agreement demonstrates Ghana’s ability to sustain long-term energy growth through strong institutions and clear regulatory frameworks.
The renewed focus on production-led investment is central to these developments. Eni is preparing a development plan to bring its new discovery online, while Tullow and Kosmos have committed up to $2 billion to drill 20 new wells in the Jubilee field. These investments are not speculative but are grounded in existing infrastructure, supported by regulatory clarity, and structured to deliver returns for both investors and the Ghanaian state.
Expanding Output to Fuel Industry and Employment
Energy security remains a key priority for both projects. Eni already supplies a large portion of Ghana’s domestic gas needs, and the Eban-Akoma discovery will further enhance this capacity. Under the extended production license agreement, Tullow and Kosmos have committed to delivering 130 MMcfg/d from the Jubilee and TEN fields, supported by a restructured pricing and payment model that improves access for power producers and industrial users.
These volumes are essential for stabilizing the power sector, strengthening energy-intensive industries, and supporting job creation. With ongoing drilling and field optimization, Ghana’s proven and probable reserves are expected to grow, reinforcing the country’s resource base and outlook.
Strengthening Institutional Capacity
Ghana’s institutional capacity is also set to benefit from these developments. Partnerships between international companies like Eni, Tullow, and Kosmos and national entities such as GNPC and the Petroleum Commission include frameworks for knowledge transfer, technical support, and regulatory alignment. These collaborations enhance the country’s ability to manage its energy resources effectively.
Eni’s ongoing expansion, combined with Tullow and Kosmos’ drilling programs, is expected to create thousands of jobs across engineering, logistics, fabrication, and services. It also presents new opportunities for Ghanaian companies to play a more significant role in the oil and gas value chain.
A Message to Global Investors
“Ghana is proving that a clear regulatory environment, strong national institutions, and consistent political will can unlock real energy growth,” said NJ Ayuk, Executive Chairman of the AEC. “The Eban-Akoma discovery and the government’s smart approach to extending production at Jubilee and TEN are exactly the kinds of moves that send a message to global investors: Ghana is open for business and serious about long-term energy security.”
As Ghana continues to revitalize its upstream sector and accelerate economic growth, these commitments represent crucial milestones. They reinforce the country’s reputation as a reliable oil and gas producer while driving energy security, building institutional capacity, creating jobs, and fueling sustainable development.