ENERGY · GHANA
Key Facts
- —The country Ghana is a West African oil and gold producer whose offshore fields lie off its Western Region. President John Dramani Mahama has led it since January 2025.
- —Why it matters Ghana’s crude output fell for five straight years, cutting export earnings and state oil revenue. A recovery depends largely on a US-listed partner, Kosmos Energy.
- —Why now The energy minister made the claim at the opening of African Energy Week in Cape Town, which runs from 12 to 16 October.
- —What happened Minister John Abdulai Jinapor said this week that oil production has risen by about 30% this year. He also repeated that investors have committed US$3.5 billion.
- —The numbers The flagship Jubilee field averaged about 72,000 barrels a day gross in the second quarter. Two new wells came online in June and July.
- —What it means for you Kosmos trades in New York under the ticker KOS, and Chevron is waiting on a Ghanaian deal that needs parliamentary approval.
- —Still open The baseline for the 30% figure, the full-year output total and the terms of the Chevron agreement have not been published.
Ghana oil output has risen by about 30% this year, Energy and Green Transition Minister John Abdulai Jinapor told African Energy Week in Cape Town. He said the gain ends five years of decline and follows US$3.5 billion in investment commitments from oil companies.
For US readers the story runs through Kosmos Energy, the New York-listed partner in Ghana’s biggest field, and through Chevron. Jinapor said Ghana will sign an agreement with Chevron once Parliament has approved it.
The minister spoke at the opening fireside chat of the conference with Kosmos chief executive Andy Inglis. The session was moderated by NJ Ayuk, executive chairman of the African Energy Chamber, the industry lobby that organises the event.
What Jinapor Said About Ghana Oil Output
“This year, I am happy to announce that oil production has increased by about 30%,” Jinapor said, according to a release from the organisers dated Tuesday 13 October. He also said: “We have seen a continued systematic decline in oil output over the past five years.”
The release did not say which period the 30% compares, or how many barrels a day it represents. That makes the figure a ministerial claim rather than a published statistic, and the official full-year data will be the real test.
Ghanaian outlets carried the wider message on Thursday. Citi Newsroom and MyJoyOnline reported Jinapor as saying the government had secured US$3.5 billion in commitments to expand operations and drill new wells.
Citi Newsroom in Accra reported that Jinapor tied the money to legal and fiscal reforms. MyJoyOnline said the reforms aim to make the sector more competitive, predictable and attractive to businesses while protecting Ghana’s national interests.
Where the US$3.5 Billion Comes From
The US$3.5 billion is not new money announced this week. Jinapor set out its parts in August at the 15th anniversary of the Petroleum Commission, Ghana’s upstream regulator, as MyJoyOnline reported then.
About US$2 billion comes from the partners in the Jubilee and TEN fields, including at least ten new wells. About US$1.5 billion comes from Eni, Vitol and the state-owned Ghana National Petroleum Corporation (GNPC) at the Offshore Cape Three Points project.
That second pledge is aimed mainly at raising gas production and developing the Eban and Akoma discoveries. It also funds new exploration, according to the minister.
The organisers’ release added that the amended Jubilee development plan allows for up to 20 more wells. It also noted a US$2 billion memorandum of understanding signed with Kosmos in 2025.
What the Company Figures Show
Kosmos, which holds a 38.6% working interest in Jubilee, gives the most detailed public numbers. In its second-quarter results on Monday 3 August, it said Jubilee averaged about 72,000 barrels of oil a day gross.
The company said the J76 well came online in mid-June and the J77 well in early July. The smaller TEN field averaged about 14,700 barrels a day gross over the same quarter.
Kosmos said the partners are working to secure a rig for a 2027 and 2028 campaign of up to ten wells. It kept its full-year 2026 capital spending guidance at US$350 million across the group.
GNPC gave a higher snapshot in September, when deputy chief executive Hamis Ussif said Jubilee was producing more than 80,000 barrels a day. He compared that with about 40,000 barrels a day projected two years earlier, the Ghana News Agency reported.
What It Means for US Readers
Kosmos is listed on the New York and London stock exchanges, so Jubilee’s performance feeds straight into a US equity. More wells and steadier output would support its cash flow, while any delay to the next rig would weigh on it.
Chevron is the second US link, because Jinapor said its agreement awaits a vote in Parliament. Chevron and Shell earlier signed a non-binding memorandum with Ghana and GNPC on the South Deepwater Tano Cape Three Points block, Offshore magazine reported.
For the oil market, Ghana remains a small producer next to Nigeria or Angola, so the global price effect is minor. The bigger signal is that a mature basin can attract fresh capital when fiscal terms are reset.
Jinapor also said Ghana wants to refine more of its own crude at home. That could cut fuel imports over time, but no capacity figure or timeline was given.
What Is Not Known
The baseline for the 30% rise has not been published, and the figure has not been independently confirmed. Official full-year data on Ghana oil output are not yet available.
The release did not say which agreement with Chevron Jinapor meant, or when Parliament will take it up. Equity splits and a work programme for the deepwater block have also not been disclosed.
It is not clear how much of the US$3.5 billion has been spent so far. The rig for the next Jubilee campaign had not been announced in the company’s latest results.
Connected Coverage
For the companies and governments with a stake in the country, see Foreign Powers and Investors in Ghana 2026. The oil coast’s place on the map is set out in Ghana Regions and Provinces Explained, and visitors can start with our Accra City Guide for Expats and Visitors.
Frequently Asked Questions
How much has Ghana’s oil output risen?
Energy Minister John Abdulai Jinapor said production has increased by about 30% this year. He did not give the baseline period or a barrels-a-day total.
What is the US$3.5 billion?
It is the sum of investment commitments from oil companies that Jinapor has cited since August. About US$2 billion is for the Jubilee and TEN fields and about US$1.5 billion for the Offshore Cape Three Points project.
Which US companies are involved?
Kosmos Energy, listed in New York under the ticker KOS, holds a 38.6% working interest in Jubilee. Chevron is awaiting an agreement that Jinapor said Ghana will sign after parliamentary approval.
How much does the Jubilee field produce?
Kosmos said Jubilee averaged about 72,000 barrels a day gross in the second quarter of 2026. GNPC said in September that output was above 80,000 barrels a day.
Where was the announcement made?
Jinapor spoke at the opening fireside chat of African Energy Week in Cape Town, South Africa. The conference runs from 12 to 16 October and is organised by the African Energy Chamber.
Sources: African Energy Week: Ghana Achieves 30% Increase in Crude Output as Jubilee Partners Advance Development Campaign · Citi Newsroom: Ghana seeks upstream oil recovery through $3.5bn investment commitments · MyJoyOnline: Ghana secures $3.5bn investment commitments to revive oil and gas sector · MyJoyOnline: US$3.5bn fresh investment shows renewed confidence in Ghana’s oil sector · Kosmos Energy: Second Quarter 2026 Results · Ghana News Agency: GNPC hints at reversing crude production decline · Offshore: Ghana signs preliminary deal with Shell and Chevron
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief