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Ghana Poised For Energy Renaissance As EXPLORCO Targets Voltaian Basin

April 16, 2025
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Ghana’s energy sector is on the cusp of a major breakthrough as EXPLORCO, the exploration arm of the Ghana National Petroleum Corporation (GNPC), prepares to drill its first exploration well in the Voltaian Basin in the first quarter of 2026.

This historic project marks the first exploration drilling activity in the basin since 1974 and is expected to unlock new petroleum frontiers and boost domestic hydrocarbon production.

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“We will go ahead with the Voltaian project because it is a key project for the country,” emphasised Michael Aryeetey, Managing Director of EXPLORCO. “This is historical because no exploration well has been drilled there since 1974. We are looking for credible partners to explore and drill in the basin.”

Investment Opportunities Abound

The Ghanaian government has thrown open its doors to investors, highlighting infrastructure-driven exploration as a top priority.

“To investors, Ghana is open for business,” declared Richard Gyan-Mensah, Deputy Minister of Energy and Green Transition.

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“There are vast unlicensed blocks offshore available through direct negotiations, and partnership or farm-in opportunities for some contract areas. Risk has been successfully reduced in some of these blocks.”

Boosting Production

Ghana aims to increase production at its mature Jubilee and TEN fields, with 640 million barrels of oil and 1.2 trillion cubic feet of gas in place. “We invite investors to partner with companies that have 2D and 3D seismic on their blocks and are ready to drill,” said Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager, Engineering at GNPC.

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However, production decline remains a challenge, with a 25% decrease in oil output from 2019 to 2025 due to underinvestment. “We are currently assessing opportunities,” noted Edward Abambire Bawa, CEO of GOIL. “We need renewed capital inflows to stabilise and grow our production levels.”

Regulatory Reforms

To attract more investment, Ghana is enhancing its regulatory and fiscal environments. “A lot of work has been done on the regulatory side, and we will soon come to the public and announce these,” said Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission of Ghana.

The African Energy Chamber (AEC) has expressed confidence in Ghana’s energy sector, with NJ Ayuk, Executive Chairman, stating, “Ghana is back, it is ready for investment and ready for energy dominance.” David Pappoe, President of the AEC in Ghana, added, “Ghana’s energy sector is at a pivotal stage and we need investment. We are here to discuss how we can drive investment into Ghana.”

The Invest in African Energies: Accra Investor Briefing served as a precursor to the African Energy Week: Invest in African Energies conference in Cape Town, scheduled for September 29 to October 3.

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