Ghana needs fresh investment in the Tweneboa, Enyenra and Ntomme (TEN) oilfield, where production has fallen short of initial projections, the Public Interest and Accountability Committee (PIAC) has recommended.
No drilling or completion activity was recorded on the field in the first half of 2026, according to PIAC’s 2026 semi-annual report, highlighting the need to address investment and development challenges in existing petroleum assets.
No New Development Well Spending
Data from the Ghana National Petroleum Corporation (GNPC) showed no new expenditure on TEN development wells during the period. Instead, the account recorded a net credit of US$700,000, reflecting the reversal of expenditure over-accrued in previous periods.
PIAC said it was yet to receive direct confirmation from Tullow Ghana Limited, the field’s operator.
The lack of drilling and completion activity was unchanged from the first half of 2025, when no such work was reported on the field.
PIAC Seeks Investment Framework
PIAC has recommended that the government, through the Petroleum Commission, develop a framework to stimulate investment in existing producing fields, particularly TEN.
The committee also called for stronger regulatory and fiscal frameworks and improved data acquisition in new basins to support future exploration.
The recommendations focus on attracting investment to existing fields while strengthening the basis for discovering and developing new petroleum resources.
Petroleum Receipts Rise 52%
The call for fresh investment comes as Ghana’s petroleum receipts rose by 52 per cent to US$561.41 million in the first half of 2026, from US$370.34 million in the same period last year.
PIAC attributed the increase mainly to higher realised crude oil prices and a 37 per cent rise in Corporate Income Tax collections.
Ghana’s crude oil achieved an average price of US$92.81 per barrel, 22 per cent above the government’s benchmark of US$76.22.
The higher receipts, however, do not in themselves indicate stronger production. Favourable oil prices can boost revenue even when drilling and development activity remains subdued.
PIAC’s recommendations therefore place renewed emphasis on investment in existing fields and better data to guide exploration in new basins, with the aim of sustaining production and securing long-term value from Ghana’s petroleum resources.
