Energy sector stakeholders in Ghana have expressed renewed optimism about the future of the country’s oil industry following the resumption of drilling operations by Tullow Oil in the prolific Jubilee Field.
The move is being heralded as a crucial step toward revitalizing Ghana’s petroleum production and improving the nation’s economic outlook.
Tullow Oil, the operator of the Jubilee Field, officially restarted drilling activities earlier this month, following a period of operational delays and market uncertainties. The drilling restart is part of a broader campaign aimed at boosting oil output and sustaining the field’s long-term viability.
Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE) expressed measured optimism about the renewed activity.
“We should be hopeful that after drilling and appraising these wells, we find commercially viable reserves.
“If that happens, our output will increase, and since our revenues depend on both production levels and global market prices, this could significantly boost Ghana’s upstream revenue.”
Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE)
Ghana’s crude oil production has fallen from a peak of over 70 million barrels annually to approximately 48 million barrels in 2024, according to official energy data.
This trend has raised concerns about the sustainability of government revenues from oil and the overall competitiveness of the country’s upstream petroleum sector.
“This shows that the upstream sector is underperforming.
“Initiatives like Tullow’s drilling program are vital—not just for boosting production, but also for attracting more foreign direct investment.”
Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE)
Renewed Investment Confidence
Tullow Ghana’s new two-year drilling campaign is a continuation of its deep-rooted commitment to the Jubilee Field.
The initiative follows the successful completion of a previous four-year drilling programme that delivered 18 wells, finished six months ahead of schedule and below budget.
The Jubilee Field, discovered in 2007, remains one of the most significant offshore discoveries in West Africa and a cornerstone of Ghana’s hydrocarbon economy.
The new campaign aims to further optimise output and ensure long-term operational resilience.
In a statement issued by the company earlier this month, Tullow Ghana’s Managing Director, Jean-Médard Madama, reaffirmed the importance of the project.
“This is an exciting moment for us. The restart of drilling reflects another milestone in our journey in Ghana and shows our confidence in the country’s resource base.
“Even as the field matures, we are confident in its capacity to deliver value—for our shareholders, partners, and the people of Ghana.”
Jean-Médard Madama, Tullow Ghana’s Managing Director
The campaign will be executed in phases, with further drilling activities planned for November 2025 and throughout 2026. It is expected to support increased oil volumes and improve efficiency across operations.
The renewed activity in the Jubilee Field comes at a time when Ghana is actively seeking to revitalise its upstream oil sector.
With rising global demand for oil and increasing geopolitical shifts in global energy trade, stakeholders see this as a critical window for Ghana to reassert itself as a viable petroleum investment destination.
Industry experts have also emphasised the importance of pairing production efforts with better governance and long-term strategic planning to ensure sustainability.
“This campaign should not just be about production—it must align with our national energy strategy, including value addition, environmental safeguards, and community engagement.”
Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE)
The government, for its part, has expressed support for the Jubilee campaign and other upstream developments, viewing them as necessary for revenue growth and economic resilience.
Officials have also noted that increased production would support the country’s balance of payments, given the critical role oil exports play in foreign exchange earnings.
Tullow Ghana’s renewed drilling campaign in the Jubilee Field signals renewed investor confidence and a fresh opportunity for Ghana’s energy sector.
As the country works to address declining output and attract fresh capital into the industry, the success of this programme could serve as a benchmark for future developments in Ghana’s upstream oil landscape.
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