President John Mahama announced that Shell has submitted a formal bid to take part in Ghana’s Pecan Oil Field development, signaling renewed momentum for the nation’s oil and gas ambitions.
Stakeholders are currently reviewing Shell’s proposal, and a favorable outcome could trigger the next phase of development for the offshore project.
This update came during a meeting with the Public Interest and Accountability Committee (PIAC), led by Chairman Constantine Kudzedzi.
To assess progress and chart a path forward, the president held separate discussions with existing project partners—African Finance Corporation and Lukoil.
Describing the Pecan Oil Field in the Deepwater Tano/Cape Three Points block as a “game changer,” he expressed confidence in its potential to transform Ghana’s energy future.
Bringing the field online within the next three to four years, he noted, could significantly boost national oil production.
While investor confidence had once dipped, the administration has made deliberate efforts to rebuild trust and reignite interest in the upstream sector.
These efforts have already begun to pay off. Companies like Eni have resumed operations, increasing their investments in the Sankofa oil fields and surrounding areas.
Eni, now working actively with financial partners, is dedicating more resources to ramp up production in the region.
Beyond oil production, Mahama emphasized the importance of channeling petroleum revenues into impactful infrastructure projects through his Big Push initiative—a $10 billion plan targeting roads, education, health, and agriculture over five years.
Addressing Ghana’s significant infrastructure gaps, the initiative would see $2 billion invested annually, funded by oil revenues from the Annual Budget Funding Amount (ABFA) and supported by mineral royalties, particularly from gold.
He assured PIAC that every fund allocated would be tracked and transparently managed.
To improve oversight, he suggested disaggregating the revenue streams, making it easier to monitor spending and ensure accountability.
The proposal also includes placing all natural resource revenue oversight under PIAC, further strengthening transparency mechanisms.
source: www.myjoyonline.com
African Energy Council