Accra: The Jubilee and TEN field partners have committed US$2 billion towards further development activities aimed at increasing oil and gas production, Minister for Energy and Green Transition Dr John Abdulai Jinapor has disclosed. According to Ghana Web, the investment will finance the drilling of at least 10 new wells, increase gas production, and reduce the price of Jubilee gas by approximately 18 percent. The expected reduction in gas prices is projected to save Ghana nearly US$300 million in power generation costs.
Dr Jinapor made the disclosure in Accra at the launch of the Petroleum Commission's 15th anniversary celebrations. He emphasized that this investment represents a resurgence of investor confidence in Ghana's oil and gas sector. The Plan of Development for the project has already been approved by the Ministry of Energy and Green Transition.
The Minister also revealed that the Offshore Cape Three Points partners, including Eni, Vitol, and the Ghana National Petroleum Corporation (GNPC), have pledged US$1.5 billion to expand gas exports and develop new discoveries. This investment, contained in a Memorandum of Intent, will increase gas exports from 270 million standard cubic feet per day (MMscf/d) to 350 MMscf/d. The partners will also support the development of the Eban-Akoma discoveries and two new exploration ventures.
Dr Jinapor highlighted that these investments reflect growing confidence in Ghana's upstream petroleum sector following government measures to resolve disputes with upstream operators. For the first time, super majors are expressing interest in acquiring acreages in Ghana's geological basins, particularly in frontier areas. Negotiations for petroleum agreements with some companies have commenced, with new deals expected soon.
The government is reviewing Ghana's petroleum policy, legislative and regulatory framework to attract new investment while ensuring a fair return to the state. A committee established for this review has submitted its initial report, which is due for Cabinet consideration and approval.
Dr Jinapor stressed the importance of fiscal stability, sanctity of contracts, and predictability in laws and regulations as critical factors in attracting investment into the upstream sector. He also announced plans to develop a Second Gas Processing Plant (GPP II) to enhance Ghana's gas-to-power infrastructure. The plant is expected to have an initial processing capacity of 150 MMscf/d, expandable to 300 MMscf/d, to process additional gas from the Greater Jubilee and TEN fields as well as future discoveries.
A joint assessment by the Ministry of Finance and the Ministry of Energy and Green Transition indicates that GPP II could save Ghana close to US$500 million every two years. The project aims to provide a cleaner and more affordable fuel source for power generation while supporting industrial development and creating jobs.
Dr Jinapor praised the Petroleum Commission for its role in regulating and developing Ghana's upstream petroleum industry over the past 15 years. Established under the Petroleum Commission Act, 2011 (Act 821), the Commission has separated regulatory functions from GNPC's commercial activities and has promoted local content significantly.
He noted that by the first half of 2026, nearly US$5 billion out of total upstream contracts worth US$22.3 billion had gone to Indigenous Ghanaian Companies, and US$7.9 billion had gone to joint ventures involving Ghanaian companies. These figures demonstrate the impact of Ghana's local content policy and the Petroleum Commission's regulatory oversight.