President John Dramani Mahama has announced a new oil and gas discovery in Ghana’s Deepwater Cape Three Points block in the Tano Basin following the successful drilling of the Nya Gyidie-1X exploration well.
The discovery was made by Planet One Oil and Gas Limited in partnership with the Ghana National Petroleum Corporation (GNPC) and contains gas and condensate, although its estimated size is yet to be determined.
“I am pleased to announce that Planet One Oil and Gas Limited and the Ghana National Petroleum Corporation have made a new oil discovery,” President Mahama said.
He described the discovery as an important milestone for Ghana, noting that the successful drilling demonstrated renewed investor confidence in the country’s upstream petroleum sector.
The Nya Gyidie-1X well was drilled within the Deepwater Cape Three Points contract area, targeting the Cenomanian-Turonian geological formation, with the Lower Albian identified as a secondary exploration target.
President Mahama said the exploration activity fulfilled a commitment made by the company and reflected growing interest in Ghana’s petroleum industry.
He said his administration was implementing measures to restore investor confidence, resolve outstanding disputes with industry operators and attract new investments to reverse the decline in crude oil production.
According to him, Ghana’s crude oil production has increased to more than 120,000 barrels per day, while existing operators have made significant financial commitments towards new projects.
He disclosed that partners in the Jubilee Field had committed US$2 billion, while additional investments involving Tullow and its partners were expected to support exploration activities, infrastructure development and increased production.
The President stressed the need for sustained investment in exploration to replenish reserves depleted through production, highlighting the potential of the ultra-deepwater Voltaian and other sedimentary basins.
He also revealed that proposed amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to introduce improved incentives and create a more attractive investment environment for industry players.
President Mahama said the government wanted the latest discovery and renewed investment in the sector to generate employment, expand opportunities for local businesses and increase the participation of Ghanaian companies in the petroleum industry.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.
