President John Dramani Mahama has announced a new hydrocarbon discovery in Ghana’s Tano Basin following exploration drilling by Planet One Oil and Gas Limited and the Ghana National Petroleum Corporation (GNPC).
The discovery was made through the Nya Gyidie-1X exploration well in the Deepwater Cape Three Points contract area and contains gas and condensate.
However, the estimated size of the discovery is yet to be established.
Announcing the development, President Mahama said the discovery marked an important milestone for Ghana’s petroleum industry and demonstrated renewed investor confidence in the sector.
“I am pleased to announce that Planet One Oil and Gas Limited and the Ghana National Petroleum Corporation have made a new oil discovery,” he said.
The Nya Gyidie-1X well targeted the Cenomanian-Turonian geological formation, with the Lower Albian play serving as a secondary exploration objective.
President Mahama said the drilling fulfilled a commitment by Planet One and reflected renewed interest in Ghana’s upstream petroleum industry.
He said government was pursuing measures to rebuild investor confidence, address outstanding disputes with petroleum operators and attract new capital to reverse the decline in crude oil production.
The President disclosed that Ghana’s crude oil production had risen to more than 120,000 barrels per day, with existing operators committing significant resources to new projects.
He said partners in the Jubilee field had committed $2 billion, while investments involving Tullow and its partners were expected to support exploration, infrastructure development and increased production.
President Mahama further stressed that Ghana needed to replenish its petroleum reserves as existing fields continued to lose reserves through production.
He identified the ultra-deepwater Voltaian and other sedimentary basins as areas with potential for further exploration.
On the regulatory front, he disclosed that proposed amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to improve incentives for investors.
He said the government’s objective was to ensure that discoveries and fresh investments generated employment, expanded opportunities for local businesses and increased Ghanaian participation 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,” President Mahama said.
