Ghana Seeks New Oil Deal with Shell and Chevron Amid Sector Revival Efforts
The government of Ghana has taken a significant step in reviving its upstream oil and gas sector by signing a non-binding memorandum of understanding (MoU) with Shell and Chevron.
The MoU, signed on September 1, 2026, covers the South Deepwater Tano Cape Three Points block offshore Ghana's Western Region. This area has been touted to have hydrocarbon potential exceeding 3 billion barrels.
The deal provides a framework for further technical and commercial talks on exploration and production rights, including appraisal of an existing discovery and assessment of the wider oil and gas potential of the acreage.
Ghana is reviewing its upstream legal and fiscal framework to attract investment and reverse falling output. Energy and Green Transition Minister John Jinapor said proposed changes include cutting GNPC's initial carried interest in new projects from 15% to 10%, simplifying tax treatment, and applying differentiated royalties by water depth.