The Ghana Investment Promotion Centre (GIPC) has welcomed Parliament’s ratification of the extension of the West Cape Three Points and Deepwater Tano petroleum agreements covering the Jubilee and Tweneboa Enyenra Ntomme (TEN) fields until 31 December 2040.
The Ghana Investment Promotion Centre (GIPC) said the move sends a strong signal of confidence to investors in Ghana’s energy sector, as it is expected to unlock approximately $2 billion in fresh investment in two of the country’s most strategic offshore oil assets. Industry players, including Tullow Oil and Kosmos Energy, have publicly confirmed the development.
According to the Ghana Investment Promotion Centre (GIPC), the agreement extensions will support continued upstream activities, including additional field development, while providing the long-term certainty needed by investors in this capital-intensive sector.
The Ghana Investment Promotion Centre (GIPC) also highlighted that the extension strengthens national participation, with Ghana National Petroleum Corporation (GNPC) equity set to increase from 2036 and revised gas supply arrangements for the extended period. This development is expected to enhance local content, technology transfer, and long-term national ownership in the sector.
The agency further noted that the extension could create broader opportunities across the petroleum value chain, including engineering, logistics, fabrication, maintenance, and gas-related industrial activities, while also supporting competitiveness in manufacturing and other productive sectors.
The Ghana Investment Promotion Centre (GIPC) reaffirmed its commitment to working with sector institutions and stakeholders to position Ghana as a competitive destination for responsible, long-term investment while promoting stronger local linkages and value creation across the economy.