Ghana’s indigenous oil marketing company, GOIL PLC, is taking decisive steps to advance its upstream ambitions as preparations intensify for exploratory drilling at the Deepwater Cape Three Points (DWCTP) offshore block.
GOIL’s Chief Executive Officer, Edward Abambire Bawa, held a high-level strategic meeting this week with top officials of Planet One Group, the company’s joint venture partner for the project, to review operational and financial readiness ahead of the 2026 drilling campaign.
The meeting, described as “strategic and forward-looking,” focused on ensuring full technical, financial, and regulatory preparedness as the project moves toward a key milestone that could significantly reshape Ghana’s upstream oil and gas landscape.
“For GOIL, the DWCTP project represents more than exploration; it embodies our determination to build local technical capacity, enhance national energy security, and position Ghanaian enterprise at the core of upstream value creation.”
Edward Abambire Bawa, GOIL’s Chief Executive Officer
He emphasized that the project was a national endeavor with transformative potential, adding that GOIL was determined to ensure that the benefits of Ghana’s hydrocarbon resources are felt directly by its people.
“We remain committed to working closely with all stakeholders including the Petroleum Commission, GNPC, and our host communities to ensure that this venture contributes meaningfully to Ghana’s energy future.”
Edward Abambire Bawa, GOIL’s Chief Executive Officer
A New Phase in Ghana’s Upstream Journey
The Deepwater Cape Three Points (DWCTP) block represents one of Ghana’s most promising offshore prospects, located in deepwater territory adjacent to the prolific Tano Basin, an area that already hosts producing assets such as Jubilee and TEN Fields.
GOIL PLC’s move into upstream exploration reflects a strategic evolution from a downstream-dominated operation into a fully integrated energy company.
The partnership with Planet One, a Dubai-based energy and investment group, is a vital component of this transformation.
The collaboration was born out of a new chapter in the block’s history, following the withdrawal of U.S. oil supermajor ExxonMobil in 2021.
Before its exit, ExxonMobil held an 80% working interest, while the Ghana National Petroleum Corporation (GNPC) retained 15%, and GOIL Upstream controlled 5%.
ExxonMobil’s exit, reportedly due to shifts in its global exploration priorities, left GOIL in the unique position of taking on the leading role.
The company was subsequently assigned the 80% interest previously held by Exxon and directed to secure a farm-in partner to progress the asset’s development.
After an extensive selection process, GOIL Upstream Ghana Limited signed Farm-In and Joint Operating Agreements with Planet One Group in 2023.
The agreements formalized the two companies’ partnership and commitment to advancing the DWCTP project to its next phase, the commencement of exploratory drilling.
Building Ghanaian Leadership in Upstream Oil
The partnership between GOIL and Planet One is widely seen as a strategic move to consolidate local participation in Ghana’s upstream sector.
For decades, Ghana’s oil and gas exploration has been dominated by international oil companies, leaving limited space for local entities to take lead roles in exploration and production.
Mr. Bawa’s remarks reflected GOIL’s ambition to shift that narrative. “This project symbolizes Ghana’s capacity to take charge of its own energy future, one where indigenous company are not just participants but leaders in value creation,” he said.
Planet One has already begun collaborating with local subcontractors and service providers to ensure that a significant portion of the project’s expenditure benefits the Ghanaian economy.
The DWCTP project will be implemented under strict adherence to environmental and regulatory frameworks set by the Petroleum Commission and the Environmental Protection Agency (EPA).
Drilling operations are expected to commence following the completion of environmental impact assessments, stakeholder consultations, and the acquisition of necessary permits.
Industry analysts have praised GOIL’s proactive approach, noting that its focus on environmental stewardship and stakeholder engagement aligns with Ghana’s broader sustainability agenda.
The Government of Ghana has consistently emphasized its support for indigenous companies in the oil and gas value chain.
The GOIL–Planet One partnership is thus viewed as a key test case for how national companies can take on greater responsibility in upstream ventures.
As Ghana prepares for the next wave of exploration activity, the DWCTP project could mark a new chapter in the country’s energy independence and economic resilience.
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