President John Dramani Mahama has announced a new offshore hydrocarbon discovery in Ghana’s Tano Basin, describing it as a significant development for the country’s petroleum industry.
The discovery was made at the Nya Gyidie-1X exploratory well in the Deepwater Cape Three Points (DWCTP) Block.
The exploration was undertaken by Planet One Oil and Gas Limited in partnership with the Ghana National Petroleum Corporation (GNPC) and GOIL Upstream Limited.
President Mahama made the announcement on Tuesday, November 10, 2026, while addressing the opening of the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi in the Western Region.
“I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, GOIL Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery,” the President said.
He described the discovery as an important milestone, particularly because it represents Ghana’s first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target.
According to the President, the well also targeted the Albian formation as a secondary exploration objective, providing additional geological information for future exploration activities.
The discovery is significant because it opens up another geological target for exploration beyond the sandstone reservoirs associated with Ghana’s existing commercial oil and gas fields.
President Mahama said the name Nya Gyidie, which translates into “Have Faith” in Twi, reflected confidence in the country’s petroleum potential.
He congratulated Planet One Oil and Gas and its partners for the achievement, noting that the discovery demonstrated renewed confidence in Ghana’s exploration prospects.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he stated.
The announcement comes at a time when government is intensifying efforts to attract fresh investment into the upstream petroleum sector following concerns over declining oil production.
President Mahama said his administration was engaging industry players, addressing outstanding challenges and introducing reforms to create a more attractive investment environment.
He disclosed that Ghana’s crude oil production had recovered from approximately 88,000 barrels per day to more than 120,000 barrels per day following renewed engagements with industry partners.
He further revealed that partners in the Jubilee Field had committed US$2 billion towards new investments, while partners in the Offshore Cape Three Points project had pledged an additional US$1.5 billion.
The investments are expected to support new drilling activities, subsea infrastructure and expansions to existing production facilities.
The President also disclosed that government was engaging international oil companies, including ENI, Vitol, Shell, Chevron and Petrobras, over prospective petroleum acreages in Ghana’s western and eastern sedimentary basins.
He added that three memoranda of understanding had been signed on key terms for three blocks, with negotiations on additional petroleum agreements ongoing.
As part of efforts to improve the investment climate, President Mahama announced that proposed amendments to the Petroleum Exploration and Production Act, 2016 (Act 919), had been submitted to Cabinet for consideration.
He said the proposed changes were expected to introduce improved incentives to attract investment into the upstream petroleum industry.
The President also urged the Petroleum Commission to strengthen its monitoring of exploration commitments and ensure that operators fulfilled their agreed work programmes.
Meanwhile, the Ghana National Petroleum Corporation has welcomed the discovery, describing it as an important development in efforts to identify new petroleum resources.
GNPC Chief Executive Kwame Ntow Amoah said the significance of the discovery extended beyond the hydrocarbons encountered at the exploratory well.
“The significance of Nya Gyidie-1X goes beyond the hydrocarbons encountered in this well,” he said.
He explained that the successful test of hydrocarbons in a carbonate reservoir system had opened up a new geological play for further exploration in Ghana.
GNPC disclosed that the well was located approximately 148 kilometres offshore Ghana and was drilled in water depths of 2,289 metres.
The Corporation said hydrocarbons were encountered in carbonate rock between 3,364 and 3,499 metres measured depth along the wellbore.
It added that further technical evaluation would be required to establish the scale and commercial potential of the discovery.
President Mahama also emphasised the importance of ensuring that Ghanaian businesses and workers benefited from developments in the petroleum industry through increased local participation, employment and skills development.
The 2026 Local Content Conference and Exhibition is being held under the theme: “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector through Reforms and Partnership to Spur Competitiveness and Investment.”
