Ghana secures major South Deepwater Tano deal as government seeks more oil investment

Energy and Green Transition Minister Dr John Abdulai Jinapor says Ghana is positioning itself to attract increased investment into the upstream petroleum sector as the country seeks to unlock greater value from its oil and gas resources. Speaking at Ghana Day at Africa Oil Week 2026, the Minister said the government was encouraged by renewed investor interest in Ghana’s petroleum sector and was determined to build on the momentum. He cited the signing of a Memorandum of Understanding between the Government of Ghana, Shell Overseas Holding Limited, Chevron Sub Saharan African Ventures Ltd.

and GNPC Exploration and Production Limited on the acquisition of petroleum exploration and production rights over the South Deepwater Tano Cape Three Points Block. According to John Abdulai Jinapor, the agreement demonstrates confidence in Ghana’s petroleum potential and shows what can be achieved through collaboration between government, international investors and the Ghana National Petroleum Corporation. He said government wants to see more partnerships of this nature as it works to revitalise the upstream petroleum sector and make it a stronger pillar of economic growth, energy security and job creation.

“Ghana is open for investment, we are improving the environment for investors, and we are ready to work with partners who share our vision of creating lasting value,” he said. The government is reviewing Ghana’s legislative and fiscal framework for the upstream petroleum sector as part of efforts to attract more investment into the industry. Energy and Green Transition Minister Dr John Abdulai Jinapor disclosed this while delivering the keynote address at Ghana Day during Africa Oil Week 2026.

He said the proposed reforms are designed to create a more competitive and predictable environment for investors, particularly those interested in deepwater, ultra-deepwater and frontier exploration. The reforms include more appropriate incentives for deepwater, ultra-deepwater and frontier exploration, a more competitive royalty structure and a reduction in GNPC’s initial carried interest from 15% to 10%. Other proposed changes include longer loss carry-forward and Petroleum Agreement periods, as well as more flexible arrangements for exploration and field development.

Dr Jinapor said the reforms are currently before Cabinet and, once approved, will be transmitted to Parliament, with government targeting passage before the end of 2026. He said the measures form part of President John Dramani Mahama’s broader commitment to revitalising the upstream petroleum sector and making Ghana an increasingly attractive destination for investment.