Ghana Discovers New Oil and Gas Frontier as $28 Billion Petroleum Hub Advances
Ghana has announced its first-ever hydrocarbon discovery in a carbonate reservoir, opening a new frontier for oil and gas exploration as the country seeks to reverse declining production and attract fresh investment. President John Dramani Mahama announced the breakthrough at a conference in the Western Region on Tuesday. The discovery was made at the Nya Gyidie-1X exploration well, located about 148 kilometres offshore in the Deepwater Cape Three Points block.
Planet One Oil & Gas, which operates the block alongside GOIL Upstream Ltd and the Ghana National Petroleum Corporation, confirmed that hydrocarbons were encountered. The well marks Ghana’s first successful test targeting a Cenomanian-Turonian carbonate formation, expanding exploration beyond the sandstone reservoirs that have hosted previous commercial discoveries. However, the type and commercial size of the find remain unclear, with further assessments and drilling planned over the next 12 to 18 months.
The discovery comes as Ghana pursues a broader strategy to strengthen its petroleum industry and expand its influence in West Africa’s energy market. The country has signed an agreement for a proposed $28 billion Petroleum Hub expansion, including plans for a refinery capable of processing 300,000 barrels of crude oil daily. Mahama also announced $3.5 billion in new upstream investment commitments in June, as the government works to boost production and attract investors.
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