Jubilee and TEN: about 2 billion dollars of investment in Ghana
By the AFREEQUE newsroom, based on 3News
Partners in the Jubilee and TEN oil fields have pledged about 2 billion dollars in new capital after their licences were extended to 2040. According to the Petroleum Commission, the Deep Water Tano and West Cape Three Points agreements have been extended.
Partners in the Jubilee and TEN oil fields have committed to invest about 2 billion dollars to increase production, following the extension of their licences to 2040. The announcement was made by Emeafa Hardcastle, chief executive of the Ghana Petroleum Commission, before the House of Chiefs of the Western Region in Sekondi on Monday 9 November. The Deep Water Tano and West Cape Three Points agreements have been extended, and the funds are to support the development of the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields.
According to Emeafa Hardcastle, the review of upstream petroleum laws, regulations and tax rules is complete. This work was carried out by the Ministry of Energy and Green Transition. The proposals must now be submitted to the Cabinet, then to Parliament, to give operators greater regulatory certainty and attract major international oil companies. Separately, the Eban-Akoma discovery has been declared commercial after its appraisal, and the Commission is reviewing the contractor’s development plan for this field, located in the Cape Three Points Four block.
In the onshore northern Voltaian Basin, the state-owned company GNPC (Ghana National Petroleum Corporation) has selected the site of an exploration well. Its exploration arm, Explorco, is now seeking a drilling rig, with work targeted for the last quarter of 2026 or the first quarter of 2027. Finally, the government has suspended an offshore mineral prospecting project in Ghanaian waters, after complaints from the Fisheries Commission and the National Canoe Fishermen’s Council, who said they had not been adequately consulted. The Petroleum Commission had not been consulted either.
