President Mahama tasks Petroleum Commission to enforce exploration commitments
President John Dramani Mahama has tasked the Petroleum Commission to intensify its monitoring of petroleum operators and ensure that companies fulfil their agreed exploration work programmes.
He said the Commission must follow up with licence holders whose activities were behind schedule and ensure that they met their contractual obligations as Ghana stepped up efforts to attract investment and increase exploration.
The President gave the directive at the opening of the 2026 Local Content Conference and Exhibition in Takoradi on Tuesday.
He said the country’s ability to sustain and increase petroleum production depended not only on attracting new investors but also on ensuring that existing operators delivered on their commitments.
“Let me take this opportunity to congratulate Planet One and its partners on this great achievement. And so I ask the Petroleum Commission to follow up with license holders whose agreed work programs are behind schedule and to ensure that they meet their obligations,” he said.
The directive follows the announcement of a new offshore hydrocarbon discovery at the Nya Gyidie 9-1X well in the Deepwater Cape Three Points contract area by Planet One Oil and Gas Limited, GOIL Upstream Limited and the Ghana National Petroleum Corporation.
The President said the discovery demonstrated renewed confidence in Ghana’s petroleum prospects and the direction of the country’s exploration agenda.
He also announced that GNPC, through its subsidiary Exploco, was preparing to drill its first exploration wells in the Voltaian Basin, with drilling expected to begin in the first quarter of 2027.
Government is meanwhile engaging ENI, Vitol, Shell, Chevron and Petrobras over prospective acreages in the western and eastern sedimentary basins.
Three memoranda of understanding have been signed on key terms for three blocks, while negotiations on other petroleum agreements are continuing.
President Mahama said Ghana needed to replace the reserves being produced and attract the investment required to develop new discoveries.
He recalled that the country’s crude oil production had declined from a peak of approximately 195,000 barrels per day in 2019 to about 88,000 barrels per day, partly due to a slowdown in investment and exploration.
He attributed the decline partly to poor governance and regulatory inconsistency, which affected investor confidence and caused some major players to redirect their investments elsewhere.
The President said renewed engagement with industry partners had begun producing results, with crude oil production now rising to more than 120,000 barrels per day.
He further urged the Commission to ensure that operators engaged communities early, minimised adverse impacts and created opportunities for people in areas where they operated.
President Mahama said effective monitoring, responsible exploration and compliance with agreed standards were necessary to protect communities, sustain public confidence and secure the future of the petroleum industry.
Richard Aniagyei, ISD
