The Government of Ghana has signed two Memoranda of Understanding (MoUs) with ENI Ghana, Vitol Upstream Tano Ltd (Vitol) and the Ghana National Petroleum Corporation (GNPC) covering offshore acreages GH WB 3 and GH WB 8 in the Tano Basin.
The agreements, signed by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor, on behalf of the government, are expected to pave the way for the finalisation of Petroleum Agreements for the two acreages.
The government says the development represents a major step in its efforts to revitalise exploration and production and unlock Ghana’s remaining hydrocarbon potential.
The two offshore blocks cover approximately 2,100 square kilometres, with water depths ranging from 750 to 2,800 metres.
According to the Ministry of Energy and Green Transition, the acreages are strategically located close to existing producing fields and petroleum infrastructure, creating opportunities for investors to leverage Ghana’s established upstream ecosystem to advance exploration and potential production.
The MoUs build on a Memorandum of Intent signed in 2025, which outlined a proposed investment of approximately US$1.5 billion in Ghana’s upstream petroleum sector.
The latest agreements are expected to move that proposed investment closer to concrete exploration and production activities.
The government said the agreements form part of broader upstream petroleum reforms being implemented under President John Dramani Mahama to create a more competitive, predictable and investment-friendly environment for investors.
It added that the reforms are aimed at attracting fresh capital into the upstream sector while ensuring that Ghana’s petroleum resources are developed responsibly and in the national interest.
The government further reaffirmed its commitment to deepening reforms, accelerating exploration and production, and maximising the sustainable economic value derived from the country’s hydrocarbon resources.
Source: 3news.com