For almost 5 years, Ghana’s crude oil production went without any new investment or activities, resulting in a significant decline in the country’s output.
The lack of investment, in addition to other factors, has manifested in the country’s output, resulting in a staggering decline. Latest data from the Public Interest and Accountability Committee (PIAC) reveals that from a peak of over 71 million barrels in 2019, production has consistently dropped to about 37 million barrels in 2025.
This decline is not just recorded on paper; it has also manifested in the country’s petroleum revenue receipts. The country’s petroleum earnings dropped sharply from $1.3 billion in 2024 to $770 million in 2025. This steep decline represents about 41% drop.
For a country that has long relied on oil as a key source of funding for budgets and critical infrastructure projections, the persistent situation raises urgent questions about sustainability.
However, it is emerging that a different story is beginning to emerge beneath the surface, although the impact has not been felt in the output yet.
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According to the 2025 Annual Report of PIAC, the new tide, among other things, includes a multi-billion-dollar resuscitation plan designed to stop the bleeding and pump new life into the nation’s aging oil fields.
The $3.5 Billion Resuscitation Plan
PIAC reports that the government and its partners aren’t just watching the wells run dry; they are opening the chequebooks. Two massive financial commitments are leading this charge.
The $2 Billion Jubilee & TEN Injection
This is a landmark deal that has been struck to unlock US$2 billion in new investment. The report indicates that this means the arrival of rigs like the Noble Venturer to drill 10 to 20 new wells, aiming to find fresh oil in the same fields we thought were fading.
The 1.5 Billion OCTP Commitment
The partners in the Sankofa−Gye Nyame(SGN) field have signed a Memorandum of Intent to invest another US1.5 billion, focusing on expanding production and exploring two entirely new areas nearby.
From Renting to Owning: The FPSO Strategy
In a move that mirrors a family deciding to buy a home rather than pay rising rent, the TEN Field partners signed a deal in early 2026 to buy the FPSO Prof. John Evans Atta Mills for US$205 million.
By owning the vessel instead of leasing it, the partners expect to slash operating costs and extend the working life of the TEN field all the way to 2040.
Hunting in New Basins
Ghana is also looking beyond its traditional Western Basin. For the first time in years, new frontiers are being opened:
Onshore Drilling in the Voltaian Basin: After years of study, GNPC is finally preparing for its first onshore drilling campaign, targeted for the third quarter of 2026.
This moves the oil story from the deep sea to the land.
The Accra-Keta Survey
In early 2026, sophisticated seismic surveys will begin in the ultra-deep waters off the coast of Accra and Keta to see if “black gold” lies beneath those waters, too.
New Players
Shell is back at the negotiating table for exploration rights in the South Deep Water Tano area, and a new petroleum agreement for Block GH_WB_01 was recently ratified by Parliament.
Why This Matters to You
When a field like Sankofa (SGN) uses new “side-tracking” technology to boost its gas production from 245 to 270 million standard cubic feet per day, it means more reliable fuel for Ghana’s power plants.
In simple terms, more gas from our own backyard means a more stable power supply for your home and business.
The Bottomline
The report indicates that investment is coming. However, there are debt overhangs in the system. Ghana owes nearly US$225 million to partners like Tullow for gas payments and unpaid costs.
PIAC also warns that until this debt is cleared, investor confidence remains on shaky ground.
The tide is turning, but it will take more than just signatures. It will require steady cash flow, transparent management, and the successful “first strike” of a drill bit in a new basin to truly prove that Ghana’s oil story still has many successful chapters left to write.
