Daily oil production at Ghana’s Jubilee field has climbed to about 95,000 barrels, up from a projected 68,000 barrels, after four new wells were drilled this year, according to the mid-year fiscal review Finance Minister Dr. Cassiel Ato Forson presented to Parliament on Thursday.
The increase marks a reversal for a sector in decline. Ghana’s total crude output fell from 71.4 million barrels in 2019 to about 36 million barrels in 2025 as aging fields matured without enough new drilling to offset the decline. Between January and May 2026 alone, the country produced 17.1 million barrels, government figures show.
Production at the Sankofa field has also risen, to 28,000 barrels per day, while gas exports climbed from 245 million to about 282 million standard cubic feet per day over the same period. Ghana exported 86.1 billion standard cubic feet of gas between January and May.
Government says amendments to the West Cape Three Points and Deep Water Tano petroleum agreements have already secured more than US$3.5 billion in new investment commitments from the Jubilee and offshore Cape Three Points partners, and will support drilling of at least 10 further wells while cutting the Jubilee gas price by about 18 percent.
Negotiations are continuing on new agreements covering the Western, Central and Voltaian Basins, and on developing the Eban-Akoma discoveries, the review states. A subsidiary of Ghana National Petroleum Corporation is expected to begin exploratory drilling in the Voltaian Basin in the fourth quarter of 2026, though no contracts for that work have been finalized publicly.