Parliament has ratified an agreement extending the petroleum contracts for the Jubilee and Tweneboa Enyenra Ntomme (TEN) fields until December 31, 2040.
The move involves the West Cape Three Points (WCTP) and Deepwater Tano (DWT) blocks, originally set to expire in 2034 and 2036, respectively.
The extension comes alongside a US$2 billion investment plan to drill between 10 and 20 new wells and develop critical subsea infrastructure, aimed at sustaining oil and gas production in the mature fields.
Government officials argued that the extensions are necessary to maintain continuity in upstream operations, preserve institutional knowledge, minimize risks from operator changes, and avoid disruptions to production.
During Thursday’s parliamentary debate, Minority MPs expressed concerns over approving long-term extensions far ahead of expiry. They warned it could set a precedent for other operators seeking similar guarantees and suggested renegotiations could occur closer to the original end dates.
In addition, Parliament approved an extension of a Master Gas Agreement between the state, GNPC, and contractor parties.
The revised terms are expected to lower gas prices by 18%, raise supply from 100 mmscf/d to 130 mmscf/d (with potential for an extra 50 mmscf/d), and increase GNPC’s stake in the petroleum agreements by 10%.
The agreement also supports GNPC’s gradual capacity to take on operatorship and strengthen domestic expertise in the petroleum sector.
The approvals underscore government efforts to secure production, enhance energy security, and attract investment in Ghana’s oil and gas industry.
