President John Mahama announcing the oil discovery
President John Dramani Mahama has announced the discovery of a new oil exploratory well, christened ‘Nya Gyidie-1X Exploratory Well’ in the Deepwater Cape Three Point (DWCTP) Block in the Western Region.
According to the President, the new oil well being drilled by Planet One Oil and Gas Limited and its Partners (GOIL Upstream Limited and GNPC) has significant hydrocarbon accumulation.
“Planet One and its partners used the “Noble Venturer” – a dynamically positioned seventh-generation ultra-deepwater drillship to drill the Nya Gyidie-1X well”, he revealed.
President Mahama disclosed this at the official opening of the 2026 Local Content Conference and Exhibition organised by the Petroleum Commission in Takoradi yesterday.
It was under the theme, “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector through Reforms and Partnership to Spur Competitiveness and Investment”.
He said the discovery, like earlier discoveries, is expected to further de-risk the country’s basins and open the basins to increased exploration and potential increase in discoveries to spur the growth of the industry.
“This new discovery signals renewed investor confidence in Ghana’s upstream petroleum sector as government implements measures to revitalise the industry following a long period of low activity, “he added.
He said the country needed more substantial fresh investment to explore and develop new reserves while strengthening the capacity of local businesses and workers to compete for opportunities in the petroleum value chain.
On natural gas production, the president said Ghana is currently producing approximately 400 million standard cubic feet of gas daily, with output expected to increase to 500 million standard cubic feet following upgrades to the gas processing infrastructure.
The Minister for Energy, John Abu Jinapor, indicated that local content is not simply a regulatory obligation or a percentage to be achieved but about economic transformation.
He revealed that currently, Ghanaians constitute approximately 90 per cent of the upstream petroleum workforce.
“Indigenous companies have also made significant inroads into engineering, fabrication, logistics, marine services and other specialised areas,” he said.
He asserted that when the current government assumed office, Ghana’s crude oil production had been declining consistently since 2022.
“I am pleased to report that through deliberate interventions, average daily crude oil production has increased to approximately 122,700 barrels, representing growth of about 22 per cent.
The Chief Executive Officer (CEO) of the Petroleum Commission, Emeafa Hardcastle said when Ghana enacted its local content framework over 13 years ago, the ambition was to increase indigenous participation in the petroleum value chain.
“Today, we can confidently say that significant progress has been made. Local participation across various segments of the upstream petroleum industry has expanded considerably,” she asserted.
She stressed that the Petroleum Commission remained steadfast in driving the local content agenda through effective regulation, compliance monitoring and strategic stakeholder engagement among others.
From Emmanuel Opoku, Takoradi