Ghana is ramping up efforts to revive oil production and unlock fresh investment across its upstream energy sector. In a bid to reverse natural declines in mature oilfields and expand exploration, the Petroleum Commission of Ghana is leading a strategic overhaul of policies and regulations—creating new momentum in both oil and gas.
Speaking ahead of the Invest in African Energies: Accra Investor Briefing on April 14 2025, Victoria Emeafa Hardcastle, CEO of the Petroleum Commission, will outline the country’s newest regulatory reforms and present a roadmap for exploration. The event, held at the Kempinski Hotel in Accra, will serve as a curtain-raiser to African Energy Week 2025 in Cape Town.
The Commission says these measures are designed to ‘strengthen the operating environment and accelerate investment’ in both onshore and offshore basins.
17 projects and a billion-barrel potential
Ghana is currently pursuing 17 oil and gas developments scheduled through 2027. With 1.1 billion barrels of crude oil reserves and 2.1 trillion cubic feet of natural gas, the country sees a clear path toward energy self-sufficiency and export growth.
A key component of this plan is the Gas Master Plan, which offers a long-term blueprint through 2040. According to the Petroleum Commission, the plan establishes clear investment incentives, offering regulatory certainty, tax clarity, and opportunities for technology deployment across the gas value chain.
The plan has already helped drive forward major infrastructure projects. The Tema Floating LNG (FLNG) terminal, currently under development in Accra by Helios Investment Partners, will deliver 1.7 million tonnes of LNG per year to the Greater Accra area. With an investment value of $350 million, the facility will import, store and re-gasify LNG to serve domestic and regional demand.
Natural gas projects lead diversification
Complementing Tema FLNG is the $700 million Atuabo II Gas Processing Plant, expected to start production in 2025. As an expansion of the existing Atuabo facility, the new phase will have a capacity of 150 million standard cubic feet per day (mmscf/d), with potential to double output in future phases.
The plant will produce propane, butane, and pentane condensates—key to diversifying Ghana’s hydrocarbon economy and reducing its reliance on crude oil exports. This aligns with the Commission’s long-term goal of turning Ghana into a more integrated energy economy.
‘Ghana’s approach to developing its oil and gas industry must be commended,’ said NJ Ayuk, Executive Chairman of the African Energy Chamber. ‘The country is not only instituting reforms in tax and policy, but also working closely with international operators to strengthen the competitiveness of their investments.’
Exploration gathers pace in offshore blocks
With success stories like the Jubilee and TEN oilfields, Ghana is actively promoting adjacent blocks for exploration. The Petroleum Commission is courting both global and regional investors, and the results are already showing.
Tullow Oil brought three new wells onstream at the Jubilee South East project in Q1 2024 and plans to drill two more at the Jubilee field in 2025, alongside a 4D seismic survey across both Jubilee and TEN.
Meanwhile, the Ghana National Petroleum Corporation (GNPC) will drill an exploration well in the underexplored Voltaian Basin later this year, part of Ghana’s broader strategy to discover new reserves inland.
With updated policy frameworks and significant infrastructure in motion, Ghana is positioning itself as one of West Africa’s most promising oil and gas frontiers.
