President John Dramani Mahama has announced a $3.5 billion investment to boost Ghana's oil and gas production following a six-year slump in the sector.
The investment comprises $2 billion from Jubilee partners for the development of 20 new wells and $1.5 billion from OCTP partners for new exploration.
The investment is expected to increase production at the Jubilee field from 60,000 barrels per day to 85,000 barrels per day.
The President emphasised that the investment is not just about oil but about energy security, job creation, and a stronger economy. With new projects in the Tano West basin and the expansion of the Sentuo Refinery, Ghana is positioning itself as an industrial hub, he said.
The announcement signals a major turnaround for Ghana's oil and gas sector, which has experienced a prolonged slump over the past six years.
