Ghana’s Minister of Energy and Green Transition, John Abdulai Jinapor, said the country’s national crude oil production has increased by 30%.
This is as the Jubilee Partners advance development campaign, Jubilee investment and license extensions to 2040, to provide a basis for aligning investor returns with Ghana’s energy and industrial priorities.
According to a statement on Wednesday, in Capetown, South Africa, Mr Jinapor, stated this at the Africa Energy Week (AEW) 2026, as Ghana’s offshore sector is shifting from license negotiations to new drilling and long-term development.
The milestone which is a reversal of the country’s five years of sustained decline, followed $2 billion memorandum of understanding signed with Jubilee partner Kosmos Energy in 2025.
Speaking during the AEW 2026 opening fireside chat, Mr Jinapor said, “Since then, we have started work and have transformed that into a tangible agreement. We have approved the plan of development, with real work commencing. All this is measured in terms of volumes in oil output. We have seen a continued systematic decline in oil output over the past five years. But this year, I am happy to announce that oil production has increased by about 30%.”
Mr Jinapor noted, “We are trying to make the sector more attractive and mutually beneficial. We are working together and building trust. We already have agreements with Chevron and are working with Shell and CNOOC. We are confident that we will see an uptick [in investments].
“We are reforming our fiscal regime, making it more competitive and friendly. I have approved my portion and the minister of finance has approved his. Next week, we are going to cabinet and then we will go to parliament. We will sign the agreement with Chevron once we have received parliamentary approval. We have had a good meeting with Petrobras and are looking at closing a deal.”
Kosmos’s August results showed that the Jubilee partnership was seeking a rig for a 2027–2028 campaign of up to ten wells, expected to start in mid-2027.
The statement explained that Jubilee averaged approximately 72,000 barrels per day gross in the second quarter, with J76 and J77 coming online in June and July, respectively.
It added that the company retained a $350 million group capital expenditure budget for 2026, placing Ghana’s next drilling phase within a wider effort to increase output, control costs and reduce debt.
Beyond crude output, the 2025 agreement connects a longer investment horizon with national supply priorities, specifically strengthening gas supply for domestic markets.
The Jubilee and TEN agreement, covering license extensions to 2040, kickstarted a development campaign targeting incremental investment and higher volumes of affordable gas for domestic power generation, with an amended Jubilee development plan covering up to 20 additional wells.
The Chief Executive Officer (CEO) of Kosmos Energy, Andy Inglis, said that the agreement “aligned the needs of the country with what we can bring as an investors. Extending the license gave us the confidence to invest, particularly in technology.”
Mr Inglis added that it also enabled Kosmos to focus on gas supplies. He stated, “As we deal with energy security, it also comes down to energy affordability. We agreed to supply low-cost gas to the country.”
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