Ghana’s upstream petroleum sector continues to experience a worrying slowdown, with no new Petroleum Agreement (PA) signed since 2018, according to the 2025 Semi-Annual Report released by the Public Interest and Accountability Committee (PIAC). The report, covering the period January to June 2025, highlights a persistent decline in exploration and production activities, raising concerns over the future of Ghana’s oil industry.
PIAC’s findings reveal that investment stagnation has been driven by regulatory uncertainty, global energy transition pressures, and a reduced appetite among international oil companies (IOCs) for new exploration projects. The Committee warned that the sector’s declining appeal could undermine Ghana’s long-term energy and fiscal stability if not urgently addressed.
The report noted that operations on the Jubilee Field were minimal, with only one well drilled during the review period. Similarly, the Tweneboa-Enyenra-Ntomme (TEN) Field, managed by Tullow Ghana, recorded no drilling or completion activity, continuing a trend of falling production and rising operational costs.
In contrast, limited progress was made on the Sankofa-Gye Nyame (SGN) Field, operated by Eni Ghana, where the company successfully sidetracked the SNKE-1X ST oil well after receiving approval from the Minister for Energy and Green Transition. The amendment to the OCTP Integrated Project’s Plan of Development (PoD) was designed to optimize production efficiency.
However, Pecan Energies’ approved Plan of Development, dating back to June 2023, remains stalled at the Final Investment Decision (FID) stage, despite ongoing preparatory work. This delay continues to hinder the start of full field development and production activities.
Meanwhile, the Petroleum Commission (PC) reported the completion of Phase IV of the GNPC’s 2D seismic acquisition programme between March 2023 and April 2024 in the Voltarian Basin. The campaign, divided into two operational zones—Area A and Area B—aimed to improve geological understanding and enhance future exploration potential.
Despite these initiatives, PIAC observed that no major new investments have entered the upstream space. Several offshore blocks remain idle, reflecting waning investor confidence even as Ghana pushes to diversify its energy portfolio and align with global green transition goals.
The report also assessed petroleum revenue management, reviewing production volumes, state liftings, and allocations under the Annual Budget Funding Amount (ABFA), alongside the management of the Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF).
PIAC has urged the government to reignite exploration interest through transparent licensing rounds, policy clarity, and competitive fiscal incentives to attract international capital. Without decisive reform, it warned, Ghana could face a steady decline in crude oil output, threatening both revenue stability and energy security.
The Committee concluded that while minor exploratory progress was achieved in a few areas, the overall industry remains stagnant, emphasizing the urgent need for policy and investment renewal to safeguard Ghana’s petroleum future and sustain economic development.