The recent announcement by the Ministry of Energy and Green Transition that Tullow Ghana Limited and ENI Ghana have resumed drilling operations in the Jubilee and Offshore Cape Three Points (OCTP) oil fields is being met with cautious optimism from industry observers.
One such expert, Mr. Benjamin Nsiah, Executive Director of the Center for Environmental Management and Sustainable Energy, shared his insights in an interview with Vaultz News, applauding the move as a “strategic reset” for Ghana’s struggling upstream petroleum sector.
According to Mr. Nsiah, the decision to greenlight new drilling campaigns—after years of underinvestment and declining production—signals a calculated effort by the government to reestablish Ghana’s competitiveness in the global oil arena.
“This isn’t just about resuming operations. It’s about restoring investor confidence, stabilizing national production, and positioning Ghana as a reliable partner in energy.”
Mr. Benjamin Nsiah, Executive Director of the Center for Environmental Management and Sustainable Energy
Ghana’s crude oil output has been on a downward trajectory since peaking at around 195,000 barrels per day (bopd) in 2019. By early 2024, production had dropped below 110,000 bopd, raising alarm among policymakers, investors, and development economists alike.
The downturn was attributed to a combination of declining field productivity, postponed drilling campaigns, and a general hesitancy among international oil companies (IOCs) to invest amid regulatory uncertainties and global energy transition pressures.
The Ministry’s approval of Tullow’s and Eni’s drilling programmes thus represents a significant policy intervention. Mr. Nsiah believes this is the result of deliberate behind-the-scenes restructuring, improved coordination between the Ministry, the Petroleum Commission, and the IOCs, and a shift in how Ghana presents its upstream potential.
“This was long overdue. We’ve been sending mixed signals to investors for some time.
“This coordinated return by two major players suggests Ghana has begun to clarify its investment framework and reaffirm its geological and political stability.”
Mr. Benjamin Nsiah, Executive Director of the Center for Environmental Management and Sustainable Energy
The revival of drilling activity is expected to unlock an additional 14 million stock tank barrels (MMstb) across both fields. This would not only reverse Ghana’s declining production trend but also enhance state revenue through increased royalties, taxes, and foreign exchange earnings.
Mr. Nsiah emphasized that the timing is strategic, given global oil supply risks and shifting investor sentiment.
“Oil prices may fluctuate, but the fundamentals still support production in countries with stable environments like Ghana.
“If we can maintain regulatory clarity and honor fiscal commitments, we’ll see more activity.
Mr. Benjamin Nsiah, Executive Director of the Center for Environmental Management and Sustainable Energy
Local Content Capacity
Mr. Nsiah also called for more aggressive local content policies to ensure Ghanaian professionals and businesses benefit directly from the drilling renaissance.
“Yes, we’re bringing rigs and specialists, but we must also develop domestic capacity—engineers, welders, logistics firms—who can plug into this value chain.”
Mr. Benjamin Nsiah, Executive Director of the Center for Environmental Management and Sustainable Energy
Despite the optimism, Nsiah cautioned against viewing the current drilling campaigns as a cure-all.
“We must be careful not to slip into complacency.
“One successful campaign won’t fix systemic issues like delayed payments to contractors, licensing bottlenecks, or inadequate gas monetization infrastructure.”
Mr. Benjamin Nsiah, Executive Director of the Center for Environmental Management and Sustainable Energy
He advised that Ghana use this momentum to further streamline upstream regulations, invest in digital oil field technologies, and refine fiscal incentives to remain competitive.
As Tullow and Eni resume operations, Ghana stands at a crossroads: either capitalize on renewed momentum to solidify its position in West Africa’s energy map or falter under regulatory inertia and short-termism.
Mr. Nsiah’s remarks offer a timely reminder that while rigs and wells make headlines, it is the behind-the-scenes coordination, policy clarity, and long-term planning that truly power a sustainable energy future.
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