Ghana Secures $3.5 Billion in New Oil and Gas Investments

The Ghanaian government has secured over $3.5 billion in new investments from partners in the Jubilee and Offshore Cape Three Points (OCTP) fields as part of efforts to revive its upstream oil and gas sector.

The investments follow investor-friendly reforms aimed at reversing declining crude oil production, which dropped significantly from 71.4 million barrels in 2019 to about 36 million barrels in 2025, according to Finance Minister Dr Cassiel Ato Forson.

As a result of the reforms, production at the Jubilee Field has increased from a projected 68,000 barrels to around 95,000 barrels per day, while gas production has risen from 245 million to about 282 million standard cubic feet per day. The new agreement with OCTP partners is expected to further boost gas production to 350 million standard cubic feet per day.

The government is also updating the laws governing the upstream petroleum sector to make Ghana more attractive to investors, and a proposed legislative amendment will be submitted to Parliament before the end of the year.