Ghana Targets Six New Oil Agreements by March 2027, Says Jinapor

Ghana's government aims to conclude no fewer than six fresh petroleum agreements by March 2027 in a bid to draw more investment into the country's oil and gas industry, the Minister of Energy and Green Transition, Dr John Abdulai Jinapor, has said.

Addressing the 2026 Local Content Conference and Exhibition in Takoradi on Tuesday, 10 November, the minister said talks with a number of major oil firms were moving forward, as first reported by Graphic Online. He named ENI, Vitol, Shell, Chevron, Petrobras and Exxon among the companies taking part in the negotiations.

Dr Jinapor said the planned deals were intended to help reposition Ghana as a favoured destination for petroleum investment. However, he stressed that the real test would be whether they led to more drilling, fresh discoveries and the development of fields that create employment.

"Signing petroleum agreements alone is not enough," he said, adding that success would be judged by the wells drilled, the finds made and the developments sanctioned.

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The minister also disclosed that his ministry was reviewing the Petroleum (Exploration and Production) Act, 2016 (Act 919), with the aim of making the sector more appealing to investors.

According to Dr Jinapor, the Mahama administration wants local firms to gain from rising investment and activity in upstream petroleum operations. "We must ensure that Ghanaian businesses are not left behind," he said, referring to Tullow and ENI in his remarks.

At the same event, the Managing Director of Tullow Ghana, Mr Jean-Médard Madama, announced that the company had secured a rig for its next round of drilling. He said the campaign would cover five firm wells and five optional wells.

"The rig is expected around the middle of 2027," Mr Madama said.

He explained that the drilling programme would rely on reservoir data gathered through the company's 4D seismic interpretation and ocean bottom node information. Tullow, he added, was also examining options to further develop its existing fields and to explore areas near its current operations, in consultation with the Petroleum Commission.

Mr Madama said the upcoming campaign would open doors for local businesses to take part in the industry.

On local content, he said Tullow spent US$869 million with indigenous Ghanaian and joint venture companies in 2025. That figure accounted for 96 per cent of the company's total expenditure of US$904 million for the year.

He said the company was getting local suppliers ready for forthcoming contracts through pre-tender workshops run with the Petroleum Commission, as well as through its Supply Chain Academy and its Supply Market Day.