Ghana’s upstream oil and gas sector is recording strong positive growth this year, signaling a potential end to a six-year slump in crude production and positioning the energy industry for a sustained recovery. Data shows the sector expanded by 22.4 percent in the second quarter of 2026, representing a massive 51.4 percentage point growth compared to the -29 percent recorded in the second quarter of 2025. This momentum follows a 7 percent growth rate in the first quarter of this year, marking a major turnaround from a contraction of over 16 percent seen in late 2025.
Reversing Years of Production Slump
The recent surge comes after a prolonged period of declining output across the nation’s offshore operations. Figures from the Public Interest and Accountability Committee (PIAC) indicate that total output dropped to 37.3 million barrels in 2025, falling significantly below the peak of 71.4 million barrels recorded in 2019. Production continues to be anchored on three primary offshore fields—Jubilee, Tweneboa-Enyenra-Ntomme (TEN), and Sankofa Gye Nyame (SGN), all of which suffered output declines in 2025. Jubilee remained the largest contributor with 22.2 million barrels, followed by SGN at 9.26 million barrels and TEN at 5.83 million barrels.
Investor Reforms and New Drilling Drive Output
During the 2026 mid-year budget presentation, Minister for Finance Dr. Cassiel Ato Forson revealed that targeted, investor-friendly policy reforms have successfully unlocked over US$3.5 billion in fresh investment commitments from major partners operating in the Jubilee and OCTP fields. To ensure this momentum translates into a permanent recovery rather than a temporary spike, the government amended key petroleum agreements to support the drilling of at least 10 new wells.
Rig Data Confirms Resurgence Across Offshore Fields
The financial and legislative reforms are already yielding clear operational results at the rigs, with Ghana producing 17.1 million barrels of crude oil between January and May 2026 alone. At the Jubilee Field, daily production surged from a projected 68,000 barrels to approximately 95,000 barrels per day, powered by four new wells drilled this year, while daily production at the Sankofa Field climbed to 28,000 barrels. Simultaneously, natural gas delivery jumped from 245 million to 282 million standard cubic feet per day, providing essential fuel supply for the nation’s thermal power plants and reinforcing national energy security.
