The Ghana National Petroleum Corporation and its subsidiary, Explorco, have expressed interest in drilling two new wells in the voltain basin by the end of the third quarter of 2026, President John Dramani Mahama has announced. According to him, this desire reaffirms the government’s commitment towards expanding Ghana’s oil and gas sector. The president made this remark during the opening of the Africa Oil Week summit in Accra where he emphasized the unique opportunity that is available for partners interested in developing the West African country’s onshore fields.

He said, “Under my leadership, we are committed to building a business environment in Ghana that meets investors’ expectations while safeguarding our national interests. When I took office in January, we immediately signalled to the investment community that Ghana’s upstream sector is open once again for business. And we are committed to working with both existing and prospective investors to promote exploration both offshore and onshore.”

Ghana’s petroleum sector experienced a boom after the discovery of oil in commercial quantities in the Jubilee fields in 2007, but started declining in 2019 when crude oil production fell from a peak of 71.44 million to 48.25 million barrels in 2024. Data from Ghana Statistical Service indicates that oil and gas activity declined by 22.5% year-on-year marking the fifth consecutive year the country’s upstream petroleum sector has seen such decline. President Mahama however disclosed that the Petroleum Exploration and Production Act, 2016 is being reviewed to align the law with evolving global trends in the sector, while positioning Ghana as a regional petroleum hub.