GNPC to expand Hydrocarbon output amid rising investment
The Minister of Finance, Dr Cassiel Ato Forson, has disclosed that government’s investor-friendly reforms have attracted over US$3.5 billion in new investment commitments in 2025 to revitalise Ghana’s oil and gas sector.
Presenting the 2026 Budget Statement and Economic Policy to Parliament on Thursday, November 13, 2025, Dr Forson said the investments are a clear sign of renewed investor confidence in Ghana’s upstream petroleum industry following years of declining production.
“These include a US$2 billion framework agreement for the Jubilee and TEN fields to drill 20 new wells and a US$1.5 billion Memorandum of Intent with the Offshore Cape Three Points (OCTP) partners to expand operations,” he stated.
He further revealed that the new investor-friendly climate has drawn the interest of major international oil companies such as Shell, whose participation is expected to bring in new capital, advanced technology and technical expertise to boost production and exploration.
Cash Waterfall Mechanism boosts ECG revenue by almost 90% – Finance Minister
Dr Forson also announced that the Ghana National Petroleum Corporation (GNPC) will commence drilling for oil in the offshore Voltain Basin in October 2026, with encouraging prospects for expanding the country’s hydrocarbon output.
He added that government is currently undertaking an upstream regulatory and fiscal review to make Ghana’s petroleum regime more competitive, transparent and stable to attract further investments.
SP/AM
Watch the 2026 budget presentation by Dr Ato Forson:
Read the full text below:
