Gov't targets petroleum upstream recovery after five years of consecutive decline
Ghana's Ministry of Energy projected a major turnaround for Ghana's upstream petroleum sector after five consecutive years of decline. The state has rolled out structural measures to strengthen the energy sector and attract foreign direct investment. Energy Minister John Jinapor dropped the hint during President John Dramani Mahama's "Resetting Ghana" citizens' engagement tour in the Savannah Region on Saturday, 23 May 2026.
Mr. Jinapor explained that investment frameworks would boost output and reverse the downward trend in crude numbers since 2021. The state secured a $1.5 billion Memorandum of Understanding (MoU) with Italian energy conglomerate Eni and a $2 billion development agreement with the Jubilee Partners, totaling $3.5 billion. Mr. Jinapor stated, "For five consecutive years, petroleum production has been declining. This year, let me assure you, petroleum production is not going to decline. It's going to pick up and rise again."
The capital injection from Eni and the Jubilee Partners is expected to augment the state's fiscal space through increased oil royalties, corporate taxes, and job creation. Independent energy analysts are looking forward to the mid-year production data from the Ghana National Petroleum Corporation (GNPC) to verify the impact of these interventions.
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Ghana's Ministry of Energy is targeting a major recovery for the upstream petroleum sector after five years of decline- with the aim to boost crude oil production. The state has rolled out structural measures designed to strengthen the energy sector- but what does this mean for the future?
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