Ghana is stepping up efforts to attract fresh investment into its petroleum sector, expand crude oil production and secure more affordable natural gas for domestic power generation.
The move follows the extension of licences for the Jubilee oil field and approval of an amended development plan that could accommodate up to 20 additional wells.
The programme is expected to boost production from the field and strengthen the supply of natural gas for Ghana’s domestic energy needs.
Kosmos Energy’s August 2026 results indicated that partners in the Jubilee field were seeking a drilling rig for a campaign involving up to 10 wells between 2027 and 2028, with operations expected to begin in mid-2027.
Jubilee recorded average gross production of approximately 72,000 barrels of oil per day in the second quarter of 2026.
The J76 and J77 wells came online in June and July, respectively.
Kosmos Energy has maintained its capital expenditure budget for 2026 at $350 million.
The company’s Chief Executive Officer, Andy Inglis, said the licence extension had boosted its confidence to invest further in the field, including through the deployment of technology, while supporting efforts to provide gas to Ghana.
He said the company’s commitment to supplying gas to the country was driven partly by the need to improve energy affordability.
“As we deal with energy security, it also comes down to energy affordability.
We agreed to supply low-cost gas to the country,” Mr Inglis said.
In addition to expanding production from existing fields, the government is pursuing reforms to Ghana’s upstream petroleum fiscal regime to attract new investors and sustain output.
Energy and Green Transition Minister John Jinapor said the proposed changes were intended to make the country’s petroleum sector more competitive and attractive to investors.
According to him, the energy and finance ministers have approved the proposed reforms, which are expected to be submitted to Cabinet before being presented to Parliament for consideration.
Mr Jinapor added that Ghana would sign an agreement with US energy giant Chevron following parliamentary approval.
The government is also engaging other international oil companies, including Shell, CNOOC and Petrobras, as part of efforts to bring more investment into the upstream petroleum sector.
The initiatives form part of Ghana’s broader strategy to sustain oil production, attract capital into exploration and development, and improve the availability and affordability of natural gas for domestic use.
