Mahama announces $3.5bn investment to boost Ghana’s oil production.

President John Dramani Mahama has announced a major turnaround in Ghana's energy sector, revealing $3.5 billion in new commitments from global energy giants to reverse a six-year production slump.

At a ground-breaking ceremony for Phase 2 of the Sentuo Oil Refinery Project in Tema, he outlined a roadmap to revitalise the industry. The investment includes $2 billion from Jubilee partners to drill up to 20 new wells and $1.5 billion from OCTP partners for field development and exploration.

"We have committed upstream players to invest more money to drill new wells to raise the volumes of oil and gas we are producing," President Mahama stated.

The President said these interventions are already yielding results. Ghana is set to record a net increase in crude oil production for the first time in several years. Output at the Jubilee field has risen from 60,000 to 85,000 barrels per day, with measurable gains also recorded at the TEN and Sankofa fields.

Building on this growth strategy, the government has initiated the commercialisation of the Afina Discovery and ratified a new petroleum agreement in the offshore Tano West basin.

"This expansion is not merely an investment in infrastructure," the President emphasised. "It is an investment in Ghana's future, our energy security, and our economic resilience."