The Ghana National Petroleum Corporation (GNPC) is setting its sights on January 2026 to commence drilling at the Voltaian Basin, a vast onshore sedimentary formation believed to hold significant crude oil and gas reserves. But unlike traditional approaches, GNPC is pursuing a new funding model—one that puts Ghanaian institutions at the heart of exploration financing.
Acting Chief Executive Officer of GNPC, Kwame Ntow Amoah, told The High Street Journal that the Corporation is actively seeking to attract a large number of credible local investors to collectively fund the drilling phase. The rationale is simple: by spreading the investment among many institutions, each party contributes less and bears lower individual risk, a strategy Mr. Amoah believes will make participation more attractive and achievable.
“Exploration inherently comes with risk, but when that risk is shared among many partners, it becomes manageable,” Mr. Amoah explained. “That’s the model GNPC wants to implement for the Voltaian Basin, a collaborative Ghanaian-led approach to energy development.”
The Voltaian Basin, which spans over 100,000 square kilometers, is one of Ghana’s least explored but most promising petroleum frontiers. Unlike Ghana’s offshore discoveries, which collectively cover smaller areas, this expansive onshore formation could be a game changer for the country’s energy future. Geological studies indicate immense potential, yet the area has remained largely untapped.
Drilling an exploration well in the Basin is estimated to cost between $25 million and $40 million, significantly less than the $45 million to $90 million typically required for offshore wells. However, with global interest in oil exploration on the decline and tighter investment conditions, GNPC must work harder to mobilize the required funds.
Mr. Amoah believes this new inclusive model could unlock the capital needed to finally begin exploration. “If we get many Ghanaian institutions involved, each one only has to contribute a manageable amount. That way, risk is minimized, and we build a truly national effort to explore the Voltaian Basin,” he said.
This is not the first time GNPC has planned to explore the Basin—previous attempts were delayed due to funding and shifting priorities. Now, with Mr. Amoah at the helm and renewed determination to reposition GNPC as a competitive, commercially-minded national oil company, the Corporation is taking bold steps to reenergize Ghana’s upstream petroleum sector.
Since his appointment earlier this year, Mr. Amoah, who brings decades of experience as a former Deputy Chief Executive at GNPC and Director of Petroleum at the Ministry of Energy, has set out to transform the Corporation into a proactive investor focused on returns and long-term energy security.
GNPC’s strategy comes at a critical time. Ghana’s oil and gas exploration activities have slowed dramatically over the past decade. Between 2008 and 2014, the country drilled an average of five wells per year. But from 2016 to 2022, that number dropped to just one annually. A combination of under-resourced license holders and missed exploration opportunities, worth over $1 billion, has weakened the sector. Experts estimate that even one-third success in those missed efforts could have yielded projects worth $10 billion.
Mr. Amoah is determined to reverse that trend. With a clear vision, an inclusive investment model, and strategic focus, GNPC is making a strong case for renewed confidence in Ghana’s oil and gas potential, including the Voltaian Basin.
