Mahama Announces Gas and Condensate Discovery in Offshore Tano Basin

President John Dramani Mahama has announced a new gas and condensate discovery off Ghana's coast, made at the Nya Gyidie-1X exploration well in the Deepwater Cape Three Points (DWCTP) block of the Tano Basin.

According to Graphic Online, the President made the announcement on Tuesday in Takoradi while opening the 2026 Local Content Conference and Exhibition, organised by the Petroleum Commission.

The two outlets that reported the announcement differ on how big the find is. Graphic Online described it as substantial, while Citi News, which first reported the story, said its estimated size had not yet been established.

Ghanaian-led partnership

The block is operated by Planet One Oil and Gas, which Graphic Online said holds a 75 per cent participating interest. The Ghana National Petroleum Corporation (GNPC) holds 15 per cent and GOIL Upstream 10 per cent.

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Graphic Online reported that the block was previously operated by ExxonMobil, which gave up its interest in 2021. The outlet said Planet One had aimed to begin drilling the well in October 2026 using the Noble Venturer rig, after engaging the Petroleum Commission in 2025 on progress and regulatory compliance.

Citi News reported that the well tested the Cenomanian-Turonian play, with the Lower Albian as a secondary target. Mr Mahama said it was the country's first successful test of a Cenomanian-Turonian carbonate play, calling the find "an important milestone for Ghana".

He said the drilling fulfilled a commitment made by the company and showed growing investor confidence in the country's upstream petroleum industry. Graphic Online reported that he also presented the discovery as evidence of the potential of Ghanaian-owned firms in the energy sector.

Production and investment

The President said his government was working to restore investor confidence, settle outstanding disputes with operators and bring in new investment to reverse falling oil output.

He said crude oil production had risen to more than 120,000 barrels per day. According to Citi News, he said the Jubilee partners had committed $2 billion, while other investments, including those involving Tullow and its partners, were expected to support further exploration, infrastructure and expanded production.

Mr Mahama said Ghana needed to keep attracting investment to replace reserves being used up through production, and pointed to other prospective areas, including the Voltaian Basin.

He added that amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to offer better incentives to investors.

The President said the discovery and new investment should lead to jobs, opportunities for local businesses and a larger role for Ghanaian companies in the industry.

"Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people," he said.