Ghana has entered into direct negotiations with Brazilian national oil company, Petrobras, for the exploration of four offshore blocks in the Accra-Keta Basin.
The development forms part of intensified efforts by the government to attract fresh investment into the upstream petroleum sector and unlock new oil and gas resources.
It is also aimed at reversing the prolonged decline in domestic crude oil production and strengthening the country’s long-term energy security.
The Chief Executive Officer (CEO) of the Petroleum Commission, Victoria Emeafa Hardcastle, at the launch of the annual investment report in Accra, stated that the commission had published an invitation for the company to enter into direct negotiations with Ghana over the basin.
“Already, we have a few major Exploration and Production (E&P) companies knocking at our doors for petroleum agreements; some of the negotiations remain confidential.
“But today, I can say that we have published an invitation for Petrobras to enter into direct negotiations with Ghana over the Accra-Keta Basin,” she said.
Background
The invitation makes Petrobras the first major international E&P company to be publicly confirmed as entering direct negotiations over the basin, highlighting growing interest in Ghana’s under-explored offshore acreage.
The discussions are still at an early exploration stage and do not constitute an asset acquisition, investment commitment or commercial discovery.
Petrobras’ interest in Ghana’s deepwater sector took shape on August 21, 2025, when the Ministry of Energy and Green Transition cleared the Brazilian oil major to commence direct contract negotiations for four offshore blocks in the Keta Basin.
For Petrobras, the potential investment in Ghana forms part of its broader strategy to pursue new exploration opportunities, replenish its reserves and sustain long-term production, particularly as it seeks to expand its deepwater portfolio.
Regulatory reforms
The CEO expressed the commitment of the commission to working with relevant government agencies to improve regulatory efficiency and create a more predictable environment for investors in Ghana’s upstream petroleum sector.
“The Petroleum Commission will continue working with other relevant government agencies to improve regulatory efficiency, facilitate responsible petroleum development, and ensure that Ghana remains an attractive destination for long-term capital,” she said.
Ms Hardcastle explained that investors in the petroleum sector required predictability, transparency and certainty in the regulatory environment.
Upstream disputes resolved
She stressed that the resolution of disputes between upstream oil and gas companies and the government had contributed significantly to restoring investor confidence in the sector.
The Petroleum Commission CEO said all disputes between upstream oil and gas players and the government had been promptly resolved, making way for renewed investment and development activities.
“Pursuant to the promise His Excellency President Mahama made to Ghanaians, all disputes between upstream oil and gas players and the government of Ghana have been promptly resolved, paving the way for more investment,” she stated.
Ms Hardcastle said the renewed confidence was already reflected in commitments by existing industry players to expand their operations, citing the $2 billion investment commitment by the Jubilee and Tweneboa, Ennyira and Ntomme (TEN) partners for further development activities.
The investment, she explained, was expected to help sustain oil production, increase gas production and reduce the Jubilee gas price by about 18 per cent, translating into approximately $300 million in savings for the country.
