Ghana’s Crude Oil Production Rebounds by 30% After Five Years of Decline

Minister of Energy and Green Transition, John Abdulai Jinapor, says Ghana’s crude oil production has risen by about 30 per cent, after five years of declining output.

Speaking at African Energy Week 2026 in Cape Town, South Africa, Mr Jinapor credited the recovery to renewed development activities following a US$2 billion memorandum of understanding signed in 2025 with Kosmos Energy, a partner in the Jubilee oilfield.

The Jubilee and Tweneboa-Enyenra-Ntomme (TEN) field agreement includes licence extensions to 2040. It is designed to stimulate further investment, increase oil production and improve the supply of affordable natural gas for domestic electricity generation. The revised development plan for the Jubilee field will see up to 20 further wells drilled.

Mr Jinapor said the agreement had moved from commitment to implementation, with the government approving the revised development plan and work commencing. He noted that the production increase represented a significant turnaround after years of sustained decline.

Recent operational updates from Kosmos Energy point to another drilling campaign (up to 10 wells) planned for the Jubilee partnership in 2027-2028, with the campaign due to start in mid-2027.

The company reported average gross production of approximately 72,000 barrels of oil per day from the Jubilee field in the second quarter of 2026. Two additional wells, J76 and J77, came on stream in June and July, respectively. Kosmos Energy has also maintained a group capital expenditure budget of US$350 million for 2026.

Beyond crude oil production, the agreement is intended to bolster Ghana’s domestic gas supply and advance the country’s wider energy security agenda.

Speaking alongside Mr Jinapor, Kosmos Energy Chief Executive Officer Andy Inglis said extending the licences gave the company the long-term certainty needed to commit further investment, particularly in technology and gas development.

Mr Inglis explained that the partnership also emphasised supplying affordable natural gas to Ghana, noting that energy security must be accompanied by affordability for consumers and businesses.

Mr Jinapor said the Jubilee agreement could serve as a model for others in the upstream petroleum sector to follow in attracting investment. He stated the government was actively working to build investor confidence through a series of mutually beneficial agreements and reforms designed to make the sector more competitive.

The Minister said Ghana already has agreements in place with Chevron and is engaging with Shell and CNOOC, explaining that the government looks forward to increased investment as a result of these engagements.

He also mentioned that reforms to the country’s petroleum fiscal regime were in the pipeline to improve the investment climate. The proposed reforms had the blessing of both the Energy and Finance Ministers and were on track to go to Cabinet and then to Parliament.

Mr Jinapor also confirmed that talks with Petrobras had progressed, with both parties considering finalising an agreement. He added that the government was working towards an agreement with Chevron, subject to the necessary parliamentary approval.

The government’s renewed engagement with existing and prospective operators is part of a wider effort to reverse the slide in production, attract fresh capital, and further cement Ghana’s position as an investment destination in the upstream petroleum sector.