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President John Dramani Mahama has announced a new oil and gas discovery in Ghana’s Deepwater Cape Three Points block in the Tano Basin following the successful drilling of the Nya Gyidie-1X exploration well.
The discovery was made by Planet One Oil and Gas Limited in partnership with the Ghana National Petroleum Corporation (GNPC).
According to the President, the discovery contains gas and condensate, although its estimated size has not yet been determined.
“I am pleased to announce that Planet One Oil and Gas Limited and the Ghana National Petroleum Corporation have made a new oil discovery,” President Mahama said.
He described the development as “an important milestone for Ghana”, adding that the successful drilling demonstrated renewed confidence in the country’s petroleum sector.
The Nya Gyidie-1X well was drilled within the Deepwater Cape Three Points contract area. It tested the Cenomanian-Turonian play, with the Lower Albian formation serving as a secondary exploration target.
President Mahama said the exploration activity fulfilled a commitment made by the company and reflected growing investor confidence in Ghana’s upstream petroleum industry.
He noted that his administration was working to restore investor confidence, resolve outstanding disputes with industry operators and attract fresh investment to reverse the decline in oil production.
He further disclosed that Ghana’s crude oil production had risen to more than 120,000 barrels per day, while existing operators had committed substantial capital to new projects.
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According to him, partners in the Jubilee Field have committed US$2 billion, while other investments, including those involving Tullow and its partners, are expected to support exploration, infrastructure development and increased production.
The President stressed the need for continued investment to replace reserves depleted through production. He also pointed to prospective opportunities in the ultra-deepwater Voltaian and other sedimentary basins.
He announced that proposed amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet, with the aim of providing improved incentives for investors.
President Mahama emphasised that the latest discovery and renewed investments must translate into employment, business opportunities and increased participation by Ghanaian companies in the petroleum industry.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.