Ghana’s upstream petroleum sector is poised for a significant leap forward as EXPLORCO, the exploration subsidiary of the Ghana National Petroleum Corporation (GNPC), prepares to drill its first exploration well in the Voltaian Basin in the first quarter of 2026.
Michael Aryeetey, Managing Director of EXPLORCO, highlighted the significance of the project during the Invest in African Energies: Accra Briefing which brought together major industry stakeholders, investors, and government officials to outline new exploration opportunities in Ghana.
“We will go ahead with the Voltaian project because it is a key project for the country. This is historical because no exploration well has been drilled there since 1974.
“[This is] because there is so much to do in the basin, the strategy is to invite other partners to explore and drill in the basin. We are looking for credible partners.”
Michael Aryeetey, Managing Director of EXPLORCO
The Voltaian Basin, located in Ghana’s interior, has long been considered a frontier area with vast untapped hydrocarbon potential. Remarkably, the region has not seen any exploration drilling since 1974, making EXPLORCO’s planned activities historically significant.
EXPLORCO is currently undertaking detailed geoscientific research to support its exploration agenda and is actively inviting strategic partnerships to help unlock the basin’s potential.
Mr. Aryeetey emphasized that collaboration with technically capable and financially committed partners will be critical to success.
The Accra Investor Briefing provided a rare glimpse into Ghana’s proactive stance on revitalizing its upstream oil and gas sector. The government is actively promoting investment in both frontier basins like the Voltaian and in established offshore blocks.
Richard Gyan-Mensah, Ghana’s Deputy Minister of Energy and Green Transition, reinforced the government’s commitment to facilitating new investment, stating, “To investors, Ghana is open for business.”
“There are vast unlicensed blocks offshore available through direct negotiations.
“There are also partnership or farm-in opportunities for some of the contract areas. Risk has been successfully reduced in some of these blocks.”
Richard Gyan-Mensah, Ghana’s Deputy Minister of Energy and Green Transition
These remarks underscore the government’s commitment to improving Ghana’s competitiveness as an oil and gas investment destination. With mature fields such as Jubilee and TEN experiencing production declines, there is a renewed push to identify and develop new reserves.
“Ghana-First” Strategy to Drive EXPLORCO
Key stakeholders from the African energy landscape praised Ghana’s focus on developing a sustainable, investor-friendly petroleum sector.
NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), noted that Ghana’s strategy aligns with broader continental goals for energy security and growth.
“Ghana is back, it is ready for investment and ready for energy dominance.
“As we move forward, I want to encourage stakeholders to believe in the potential of Ghana. Believe in this country, believe in this energy sector.”
NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC)
David Pappoe, President of the AEC in Ghana, echoed this sentiment, stating that the country’s energy sector is “at a pivotal stage” and in need of robust capital inflows. “We are here to discuss how we can drive investment into Ghana,” he added.
To support upstream growth, Ghana is working to enhance the regulatory and fiscal framework governing petroleum operations. Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission of Ghana, revealed that extensive reforms are underway.
“A lot of work has been done on the regulatory side, and we will soon come to the public and announce these.
“The fiscal regime is something we are looking at, including the length of time taken to get permits and reporting issues and audits.”
Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission of Ghana
These reforms aim to shorten the permitting process, improve transparency, and make it easier for exploration and production companies to do business in Ghana.
These measures aim to counteract the 25% decline in oil production since 2019, which industry experts attribute to insufficient investment in upstream activities.
Edward Abambire Bawa, CEO of GOIL, acknowledged the challenge: “We are currently assessing opportunities to boost production and ensure Ghana remains competitive.”
EXPLORCO to Expand Key Fields
One of Ghana’s main priorities is to enhance production at the country’s active fields, including Jubilee and TEN.
According to Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager, Engineering at GNPC, “We have 640 million barrels in the Jubilee, TEN and surrounding fields and 1.2 trillion cubic feet of gas in place.”
“We are doing research to ensure that these resources can be brought to the surface.
“We invite investors to partner with companies that have 2D and 3D seismic on their blocks and are ready to drill.”
Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager, Engineering at GNPC
The investor briefing serves as a precursor to the African Energy Week: Invest in African Energies conference, scheduled for September 29 to October 3 in Cape Town, where further investment discussions and deal-making will take place.
As EXPLORCO gears up for its historic drilling campaign in the Voltaian Basin, Ghana’s energy sector stands at a pivotal moment, ready to capitalize on its untapped potential and attract global interest in petroleum exploration.
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