First, Jubilee and TEN, where the partners are Tullow, Kosmos, Petro SA, Explorco and GNPC. They have recently announced that they are committed to invest $2billion, to drill up to 20 wells between now and 2040. They are starting the drilling campaign this month with two wells using the Noble Venturer drillship and between four to six wells in 2026.
First, the severity of the gas shortfall. If gas supplies are heavily constrained, the crude will be consumed faster and the projected 16-day window could shrink to 12 or 14 days. If the shortage is milder, the fuel could last slightly longer.
“This is an exciting moment for us. The restart of drilling reflects another milestone in our journey in Ghana and shows our confidence in the country’s resource base,” Jean-Médard Madama, Managing Director of Tullow Ghana said in a statement. “Even as the field matures, we are confident in its capacity to deliver value—for our shareholders, partners, and the people of Ghana.”
Ghana will require approximately $562 billion to successfully implement its national energy transition framework by 2070, according to the Ministry of Energy.
Tullow Ghana and its partners have announced the restart of drilling operations in the Jubilee Field, marking a renewed phase of investment and confidence in Ghana’s energy future.
According to the Minister of Energy and Green Transition, John Jinapor, this landmark investment by Kosmos Energy, combined with the government’s commitment to reform, signaled a new chapter in Ghana’s energy narrative—one rooted in transparency, collaboration, and opportunity.
Striving to increase production and reverse natural declines in mature oilfields, Ghana is promoting new investment across its upstream oil and gas sector. The country – through national upstream regulator the Petroleum Commission of Ghana – is embarking on a series of industry reforms that aim to strengthen the operating environment for oil and gas companies. These efforts are expected to translate into heightened exploration, as companies pursue play-opening discoveries in Ghana’s on- and offshore market.
“Ghana continues to be the cornerstone of our operations. During the year, operational efficiency remained high with average facility uptime across the FPSOs averaging 97% and a combined average production rate of c.44.1 kbopd net. Five new Jubilee wells (three producers and two water injectors) were brought onstream during the first half of 2024, completing the Ghana drilling programme safely, and approximately six months ahead of schedule”, it said.
Government will have to mobilize $1.1 billion in 2025 to settle payments owed to ENI for gas supply, including monthly invoices, Letter of Credit (LC) replenishments, and outstanding arrears.
This financial obligation was disclosed during a meeting between Finance Minister Dr Cassiel Ato Forson, Energy Minister John Jinapor, and officials from ENI, where government reaffirmed its commitment to ensuring a steady gas supply despite the growing financial strain on the energy sector.
As part of these efforts, a dedicated “Invest in Ghana” Forum will be held at African Energy Week: Invest in African Energies 2025 in Cape Town, where the AEC will coordinate with the Ministry of Energy and Green Transition, Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority, the Petroleum Commission and private sector players to position Ghana as the go-to destination for oil and gas investments from both G20 and non-G20 countries.