Mahama Announces New Oil and Gas Discovery in Ghana’s Tano Basin

President John Dramani Mahama has announced a new offshore oil and gas discovery in the Deepwater Cape Three Points contract area of the Tano Basin, following the successful drilling of the Nya Gyidie-1X exploration well.

The discovery, made by Planet One Oil and Gas Limited in partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC), contains gas and condensate. However, its estimated size and commercial potential have not yet been established.

President Mahama announced the discovery while addressing traditional leaders and other dignitaries, describing it as an important milestone for Ghana’s petroleum exploration industry.

“I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, Goil Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery,” he said.

He added that the discovery marked the country's first successful test of a Cenomanian-Turonian carbonate play.

“The hydrocarbon discovery at the Nya Gyedie 91X Well in the deep-water Cape Three 3 Points contract area marks an important milestone for Ghana. It is the country’s first successful test of a Cenomanian-Turonian carbonate plate,” the President said.

The Nya Gyidie-1X well was drilled in the Deepwater Cape Three Points contract area to explore the Cenomanian-Turonian geological play, with the Lower Albian formation serving as a secondary exploration target.

President Mahama said the successful drilling fulfilled a commitment made by the company and demonstrated renewed investor confidence in Ghana’s upstream petroleum sector.

Although the discovery contains gas and condensate, further technical evaluation will be required to establish the size of the find and determine its commercial viability.

The President said his government was working to restore investor confidence, resolve outstanding disputes with petroleum operators and attract fresh capital to reverse the decline in Ghana's oil production.

He disclosed that crude oil production had increased to more than 120,000 barrels per day, while existing operators had made significant financial commitments to new projects.

According to him, the partners in the Jubilee Field have committed approximately $2 billion, while other investments involving Tullow Oil and its partners are expected to support exploration, infrastructure development and production expansion.

Mr Mahama stressed that Ghana must continue attracting investment to replace petroleum reserves depleted through production and sustain the country's output over the long term.

He also pointed to prospective exploration opportunities in the ultra-deepwater Voltaian and other sedimentary basins, which he said could provide further opportunities for petroleum discoveries.

President Mahama further announced that proposed amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet.

The proposed changes are intended to improve incentives for investors and make Ghana's upstream petroleum sector more attractive to international oil and gas companies.

The President said the government was pursuing the reforms as part of wider efforts to encourage exploration, increase investment and strengthen the country's petroleum industry.

Mr Mahama said new discoveries and increased investment must translate into employment, business opportunities and greater participation by Ghanaian companies in the petroleum industry.

He emphasised that the benefits of the country's natural resources should extend beyond a limited group of companies and individuals to improve the livelihoods of ordinary Ghanaians.

“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.