Energy Ministry Technical Advisor, Dr. Yussif Sulemana, says the government expects crude production to increase by the end of 2026 as investment returns to some of Ghana’s major producing fields.
“I can tell you on authority that coming by the end of this year, we’re going to have an increase in oil production.”
The projection comes after years of falling production.
Ghana’s crude output peaked at about 71.44 million barrels in 2019 before falling to about 48.25 million barrels in 2024, according to PIAC.
Dr. Sulemana said the Mahama government and the Energy Ministry identified ageing fields and inadequate investment as major factors behind the decline.
“One was the ageing asset, the reserve being produced for a very long time, and the third one was lack of investment.”
According to him, the government’s response has been to create greater certainty for existing operators while attracting fresh capital into the upstream sector.
He said Jubilee partners have committed about US$2 billion, while OCTP partners are expected to invest another US$1.5 billion, taking planned investment to roughly US$3.5 billion.
Dr. Sulemana said portions of those commitments are already translating into drilling activity.
“The good thing is that it is not only the promise. Now it’s already been delivered.”
He said some newly drilled wells are producing about 10,000 barrels per day, and projects that Jubilee could move towards 90,000 to 100,000 barrels per day if the drilling programme is sustained.
Dr. Sulemana attributed the renewed activity partly to decisions taken by the Mahama administration and the Energy Ministry to provide greater certainty to petroleum companies, including extending the operating period of the Jubilee partners to 2040.
But he said government is also looking beyond Ghana’s existing producing fields.
“We shouldn’t be content with the existing field that we have. We need new fields, new entrants to come in.”
He pointed to recent interest from Shell and Chevron as an indication that investor confidence in Ghana’s upstream sector may be improving.
The Mahama administration is also seeking to connect increased petroleum production to local refining and electricity generation, with natural gas expected to play a major role.