Ghana's oil and gas sector is showing signs of resurgence, with Eni's recent declaration of commerciality for the Eban-Akoma complex in Cape Three Points Block 4.

 

The find, estimated to hold between 500 and 700 million barrels of oil equivalent, is the country's largest offshore discovery in years and lies adjacent to Eni's existing Sankofa production hub.

 

The African Energy Chamber (AEC) supports this development as a significant step forward in Ghana's upstream revival.

 

Last month, Tullow Oil and Kosmos Energy, along with partners PetroSA, Ghana National Petroleum Company (GNPC), and Explorco, signed a Memorandum of Understanding to secure the extension of petroleum licenses in the Jubilee and TEN fields through 2040.

 

This agreement underscores the country's institutional capacity to drive and sustain long-term energy growth.

 

The renewed focus on production-led investment is at the center of both developments. Eni is preparing a development plan to bring its new find online, while Tullow and Kosmos have committed up to $2 billion to drill 20 new wells in Jubilee.

 

These investments are anchored in existing infrastructure, supported by regulatory clarity, and structured to deliver returns for investors and the Ghanaian state.

 

Energy security is central to both projects, as Eni already supplies a large portion of Ghana's domestic gas needs.

 

Under the extended production license agreement, Tullow and Kosmos have committed to delivering 130 million standard cubic feet of gas per day from the Jubilee and TEN fields, supported by a restructured pricing and payment model that enhances access for power producers and industrial users.

 

Ghana's institutional capacity also stands to benefit from partnerships between Eni, Tullow and Kosmos and national bodies like GNPC and the Petroleum Commission.

 

Eni's ongoing expansion and drilling programs are expected to directly and indirectly support thousands of jobs across engineering, logistics, fabrication, and services, while creating new opportunities for Ghanaian companies to play a greater role in the oil and gas value chain.

 

“Ghana is proving that a clear regulatory environment, strong national institutions and consistent political will can unlock real energy growth,” said NJ Ayuk, Executive Chairman of the AEC. “The Eban-Akoma discovery and the government’s smart approach to extending production at Jubilee and TEN are exactly the kinds of moves that send a message to global investors: Ghana is open for business and serious about long-term energy security.”  -OGN / TradeArabia News Service