Ghana has signed agreements with Eni Ghana, Vitol Upstream Tano Limited, and the Ghana National Petroleum Corporation (GNPC) covering two offshore exploration blocks in the Tano Basin. The Memoranda of Understanding (MoUs) for blocks GH WB 3 and GH WB 8 provide a framework for the parties to negotiate final Petroleum Agreements that could pave the way for new exploration and development activities.
The latest agreements follow a Memorandum of Intent announced in 2025, which outlined an estimated US$1.5 billion investment program. The proposed investment could fund exploration activities such as geological studies, seismic surveys, and potential drilling to assess the resource potential of the blocks.
The agreements come as Ghana seeks to increase exploration activity and attract more international investment to offset the natural decline in production from mature oil fields. The government sees new exploration as important to maintaining Ghana’s position as a major oil and gas producer in West Africa while creating opportunities for future production growth.
Ghanaian authorities have linked the initiative to wider reforms aimed at improving investor confidence and making the country’s upstream sector more competitive. The reforms seek to create a stable environment for investment while ensuring that future petroleum projects deliver long-term economic benefits for the country.
With the preliminary agreements now signed, the parties will focus on negotiating the final contract terms and preparing for exploration activities. If the exploration program succeeds, it could create new opportunities for Ghana’s offshore petroleum sector and provide additional energy resources to support the country’s economic development.
source: pumps-africa.com
African Energy Council