President John Dramani Mahama has announced a significant new offshore hydrocarbon discovery in Ghana’s Deepwater Cape Three Points contract area, raising fresh hopes for the recovery of the country’s petroleum industry and renewed investment in exploration. Corrections Policy
The announcement was made on Tuesday, November 10, 2026, during the opening of the 2026 Petroleum Commission Local Content Conference and Exhibition in Takoradi in the Western Region.
The discovery was made at the Nya Gyidie 9 1X exploration well, located in the deepwater Cape Three Points area within the Tano Basin.
It was undertaken by Planet One Oil and Gas Limited in partnership with other industry stakeholders, including the Ghana National Petroleum Corporation (GNPC), according to President Mahama’s announcement.
Describing the development as an important milestone for Ghana’s upstream petroleum industry, the President said the discovery represented the first successful test of a Cenomanian Turonian carbonate play as a primary exploration target in the country.
He explained that the exploration well also targeted the Albian formation as a secondary objective, highlighting the importance of exploring different geological formations to identify additional hydrocarbon resources.
The discovery, which was announced at a gathering of petroleum industry stakeholders, comes at a time when Ghana is seeking to reverse declining oil production, attract fresh investment and strengthen confidence in its upstream petroleum sector.
The President associated the development with renewed investor confidence and the government’s efforts to create a more attractive environment for petroleum exploration and production.
The name Nya Gyidie, which translates into “Have Faith”, was also highlighted by Mahama as an appropriate reflection of the government’s determination to restore confidence and encourage responsible exploration in Ghana’s petroleum industry.
The involvement of Planet One Oil and Gas Limited is particularly noteworthy because the discovery reflects the growing role of locally connected companies in Ghana’s petroleum exploration activities.
It also demonstrates the importance of partnerships between indigenous businesses, international investors and the national oil company in developing the country’s natural resources.
The Deepwater Cape Three Points block has considerable significance in Ghana’s petroleum history. It was previously operated by US based oil giant ExxonMobil before the company relinquished its interest in 2021.
The block subsequently came under a new ownership and operational arrangement, creating an opportunity for fresh exploration activities.
The latest discovery could therefore represent an important development in efforts to unlock additional resources from Ghana’s offshore basins.
However, further technical assessment and appraisal will be necessary to determine the size of the find, its commercial viability and the possible timeline for development.
Beyond the announcement, President Mahama used the conference to highlight improvements in Ghana’s petroleum production and the government’s efforts to attract investment into existing oil fields. Editorial Ethics & Independence
According to the President, Ghana’s crude oil production had recovered to more than 120,000 barrels per day following interventions aimed at resolving outstanding industry disputes and rebuilding confidence among petroleum operators.
He acknowledged that the country’s production had previously experienced a significant decline, falling from a peak of approximately 195,000 barrels per day in 2019 to about 88,000 barrels per day.
Mahama attributed the decline partly to changing global energy investment priorities but also acknowledged that governance challenges and regulatory inconsistencies had contributed to investor uncertainty.
To address the situation, the government has been engaging industry partners to secure fresh investments and encourage the expansion of existing petroleum operations.
The President disclosed that partners in the Jubilee field had committed approximately $2 billion in additional investments, while partners in the Offshore Cape Three Points project had pledged another $1.5 billion.
These investments are expected to support the drilling of new wells, the installation of subsea infrastructure and improvements to existing production facilities.
The government is also pursuing changes to gas supply agreements to reduce costs and improve the financial benefits Ghana receives from its natural gas resources.
Mahama indicated that renegotiated gas pricing arrangements were expected to deliver substantial savings, while ongoing improvements to gas processing infrastructure could increase domestic gas supply.
These developments form part of a wider strategy to strengthen Ghana’s energy security, improve the performance of its petroleum industry and reduce the country’s dependence on imported fuel products.
Another major issue addressed by the President was the importance of local content participation in Ghana’s petroleum industry.
He stressed that the success of the sector should not be measured solely by oil production figures or foreign investment commitments but also by the economic opportunities created for Ghanaian businesses and workers.
He urged international petroleum companies to involve qualified Ghanaian suppliers in their procurement processes and provide them with early information about upcoming contracts.
He also called for stronger partnerships that prioritise skills development, technology transfer and the gradual expansion of local companies’ technical capabilities. Editorial Standards
Financial institutions were encouraged to introduce financing arrangements that would enable indigenous businesses to compete for larger contracts within the industry.
Universities, technical institutions and professional organisations were also urged to align their training programmes with the changing demands of the petroleum sector.
The President further disclosed that GNPC, through its subsidiary Explorco, was preparing to undertake exploration drilling in the Voltaian Basin, with operations expected to begin in the first quarter of 2027.
The initiative forms part of efforts to explore new petroleum frontiers beyond Ghana’s established offshore production areas.
He tasked the Petroleum Commission with ensuring that petroleum operators comply with safety and environmental regulations while maintaining meaningful engagement with communities affected by their activities.
The 2026 Local Content Conference and Exhibition, organised under the theme “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reforms and Partnership to Spur Competitiveness and Investment”, brought together industry players, policymakers, investors and other stakeholders to discuss the future of Ghana’s petroleum industry.
The conference also provided an opportunity to examine how regulatory reforms, improved financing and stronger collaboration could encourage exploration and create more opportunities for indigenous businesses.
For Ghana, the Nya Gyidie discovery represents an encouraging development at a time when the country is seeking to strengthen its position as an attractive destination for petroleum investment.
However, the long-term benefits will depend on the quantity of recoverable resources, the commercial assessment of the discovery and the ability of stakeholders to translate exploration success into sustainable production.
If successfully developed, the discovery could contribute to Ghana’s future energy security, generate additional government revenue and create employment opportunities across the petroleum value chain. Newscard
President Mahama’s announcement has consequently placed renewed attention on the country’s offshore exploration prospects and the importance of ensuring that Ghanaian businesses and communities benefit meaningfully from the development of its natural resources.