Uche Cecil Izuora
Ghana is pushing forward with reforms that is expected to boost its oil production output, with ongoing discussions with Shell, CNOOC and Petrobras.
The country’s crude oil production has risen about 30 per cent this year, reversing five years of decline, according to John Abdulai Jinapor, the country’s minister of energy and green transition.
Speaking at the African Energy Week conference in Cape Town, Jinapor said, “We have seen a continued systematic decline in oil output over the past five years. But this year, I am happy to announce that oil production has increased by about 30%,”.
The increase follows a $2 billion MoU signed in 2025 with Kosmos Energy, a Jubilee partner. The deal extended the Jubilee and TEN licenses to 2040. The government has since approved an amended Jubilee development plan covering up to 20 additional wells. The plan aims to raise oil output and supply more affordable gas for domestic power generation.
In its August results, Kosmos said the Jubilee partners were seeking a rig for a campaign of up to 10 wells in 2027–2028, expected to start in mid-2027. Jubilee averaged about 72,000 bpd gross in the second quarter.
The J76 and J77 wells came online in June and July. Kosmos has kept its 2026 capital budget at $350 million.
Kosmos CEO Andy Inglis said the license extension gave the company the confidence to invest, particularly in technology, and let it focus on supplying gas to Ghana. “As we deal with energy security, it also comes down to energy affordability. We agreed to supply low-cost gas to the country,” he said.
Ghana is also revising its fiscal terms to attract more upstream investment. “We are reforming our fiscal regime, making it more competitive and friendly,” Jinapor said. Both the energy and finance ministers have approved the changes, which go next to the cabinet and then to parliament. Jinapor said Ghana will sign an agreement with Chevron once parliament approves.