President John Dramani Mahama has announced a $3.5 billion investment package aimed at reversing a six-year production decline in Ghana’s upstream oil and gas sector and securing the nation’s energy future.
Speaking at the groundbreaking ceremony for the Phase 2 expansion of the Sentuo Oil Refinery in Tema, the President outlined a strategic turnaround program funded through partnerships with international energy consortiums.
The investment framework divides the capital injection across Ghana’s primary offshore assets.
Funded by Jubilee partners, this capital will back a new drilling campaign targeting the completion of 20 new production and injection wells.
The expansion is projected to raise output at the Jubilee field from 60,000 barrels per day to 85,000 barrels per day.
There is another $1.5 Billion OCTP Injection pledged by Eni and its partners for the Offshore Cape Three Points (OCTP) block.
This funding will support new exploration activities and field development to increase domestic gas supply.
“We have committed upstream players to invest more money to drill new wells to raise the volumes of oil and gas we are producing,” President Mahama stated during his address. “This expansion is an investment in Ghana’s future, our energy security, and our economic resilience.”
The upstream surge is designed to link directly into the country’s downstream processing infrastructure.
By expanding the Sentuo Refinery and advancing petroleum agreements in the Tano West basin and the Afina Discovery, the government aims to process a higher percentage of Ghanaian crude locally, reducing dependence on imported refined petroleum products.
The Ministry of Energy confirmed that these targeted interventions are projected to deliver the country’s first net annual increase in crude oil production in six years, with output gains expected across the Jubilee, TEN, and Sankofa fields.
Officials maintained that this is not just about oil but energy security, more jobs, and a stronger economy. With new projects in the Tano West basin and the Sentuo Refinery expansion, Ghana is positioning itself as an industrial hub.
By: Rainbowradioonline.com/Ghana
