Ghana Seeks Boost with Shell and Chevron Deal
Ghana's energy minister revealed that oil majors Shell and Chevron have signed a preliminary agreement to acquire production rights over Ghana's South Deepwater Tano Cape Three Points oil and gas block.
The memorandum of understanding (MoU) with the Ghana National Petroleum Corporation was signed on Tuesday, as the West African country seeks to encourage investment and reverse declining output.
Ghana's crude oil production dropped from 71.44 million barrels in 2019 to 48.25 million barrels in 2024, according to the US International Trade Administration.
The government is reviewing its legal and fiscal framework for upstream petroleum activities, proposing reforms such as reducing GNPC's initial interest in upstream projects to 10% from 15 percent and introducing a simpler tax regime.