EXPLORCO, the exploration division of the Ghana National Petroleum Corporation (GNPC), is set to spud its first exploration well in the Voltaian basin in Q1 2026, targeting new leads and play-opening discoveries. The company is currently conducting research to support exploration and is inviting partners to help unlock this frontier basin.

Speaking at the Invest in African Energies: Accra Briefing on April 14, 2025 – Michael Aryeetey, Managing Director of EXPLORCO, emphasized, “We will go ahead with the Voltaian project because it is a key project for the country. This is historical because no exploration well has been drilled there since 1974. Because there is so much to do in the basin, the strategy is to invite other partners to explore and drill in the basin. We are looking for credible partners.”

The investor briefing provided insights into Ghana’s upstream investment opportunities, highlighting how infrastructure-driven exploration has become a top priority for the country. This strategy is expected to attract diverse investments from exploration and production firms. According to Richard Gyan-Mensah, Deputy Minister of Energy and Green Transition of Ghana, “To investors, Ghana is open for business. There are vast unlicensed blocks offshore available through direct negotiations. There are also partnership or farm-in opportunities for some of the contract areas. Risk has been successfully reduced in some of these blocks.”

NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), commented that this approach reflects a “Ghanian-first strategy that benefits everyone. Ghana is back, it is ready for investment and ready for energy dominance. As we move forward, I want to encourage [stakeholders] to believe in the potential of Ghana. Believe in this country, believe in this energy sector.”

Echoing these remarks, David Pappoe, President of the AEC in Ghana, stated: “Ghana’s energy sector is at a pivotal stage and we need investment. We are here to discuss how we can drive investment into Ghana.”

To further support upstream investment, Ghana has been enhancing its regulatory and fiscal environments. Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission of Ghana, noted, “A lot of work has been done on the regulatory side, and we will soon come to the public and announce these. The fiscal regime is something we are looking at, including the length of time taken to get permits and reporting issues and audits.”

These efforts are aimed at boosting spending in the upstream sector to mitigate production decline from Ghana’s mature fields. Edward Abambire Bawa, CEO of oil and gas company GOIL, stated, “From 2019 until now, production declined by 25%, due to many attributes such as lack of investment. We are currently assessing opportunities.”

One of the government’s main priorities is to increase production at the active Jubilee and TEN fields. Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager, Engineering at GNPC, explained, “We have 640 million barrels in the Jubilee, TEN and surrounding fields and 1.2 trillion cubic feet of gas in place. We are doing research to ensure that these resources can be brought to the surface. We invite investors to partner with companies that have 2D and 3D seismic on their blocks and are ready to drill.”

The Invest in African Energies: Accra Investor Briefing served as a precursor to this year’s African Energy Week: Invest in African Energies conference, taking place from September 29 to October 3 in Cape Town. The event provided a platform to discuss commercial oil and gas opportunities in Ghana, setting the stage for further discussions and deal-making in Cape Town.