The Ministry of Energy is targeting to sign at least six new agreements in Ghana's oil sector by March 2027 as part of efforts to attract investment into the oil and gas sector.
The Minister of Energy and Green Transition, Dr John Abdulai Jinapor speaking at the 2026 Local Content Conference and Exhibition in Takoradi on Tuesday [Nov 10] said negotiations with several major oil companies were progressing.
He mentioned ENI, Vitol, Shell, Chevron, Petrobras and Exxon among the companies involved in the negotiations.
Dr Jinapor described the expected agreements as “very, very giant achievable steps towards repositioning Ghana as a preferred petroleum investment destination”.
He said the success of the agreements would be measured by the extent to which they translated into increased drilling, new oil discoveries and the development of oil fields to create jobs.
“Signing petroleum agreements alone is not enough,” he said. “Our success will be measured by the number of wells that we drill, the discoveries that we make, and the developments sanctioned to create jobs.”
Dr Jinapor said the Ministry of Energy and Green Transition was also reviewing the Petroleum (Exploration and Production) Act, 2016 (Act 919), to make Ghana's petroleum sector more attractive to investors.
Ghanaian businesses
The Minister said the Mahama administration wanted Ghanaian businesses to benefit from increased investment and activities in the upstream petroleum sector.
“We must ensure that Ghanaian businesses are not left behind,” he said, citing Tullow and ENI in his remarks.
Tullow drilling campaign
Meanwhile, Tullow Ghana has secured a rig for its next drilling campaign, which is expected to begin around the middle of 2027.
The Managing Director of Tullow Ghana, Mr Jean-Médard Madama, announced this at the conference, saying the campaign would involve five firm wells and five optional wells.
“Looking ahead to 2027, we have secured a rig for our next drilling campaign, which includes five firm wells and five optional wells,” he said. “The rig is expected around the middle of 2027.”
Mr Madama said the campaign would draw on reservoir information obtained from the company's 4D seismic interpretation and ocean bottom node data.
He said Tullow was also assessing opportunities to further develop existing fields and explore areas close to its current operations, in consultation with the Petroleum Commission.
According to him, the planned drilling campaign would create opportunities for local businesses to participate in the petroleum industry.
Local content
On local content, Mr Madama said Tullow spent US$869 million with indigenous Ghanaian and joint venture companies in 2025.
The expenditure represented 96 per cent of the company's total spending of US$904 million for the year.
He said Tullow was preparing local suppliers for upcoming contracts through pre-tender workshops organised with the Petroleum Commission, its Supply Chain Academy and its Supply Market Day.
