President John Dramani Mahama has announced that Ghana is expected to save approximately $3.5 billion over the remaining life of the Offshore Cape Three Points field following a renegotiated gas sales agreement with ENI.
According to the President, the revised agreement is expected to reduce the average price of gas supplied under the arrangement by 23%, providing significant financial relief to the country.
He made the announcement at the 2026 Local Content Conference and Exhibition in Takoradi, where he outlined measures being implemented by his administration to revive Ghana’s upstream petroleum sector.
President Mahama also disclosed that the Jubilee gas price is expected to decline by approximately 18%, resulting in estimated savings of about $300 million for Ghana.
He said the country is currently producing approximately 400 million standard cubic feet of natural gas daily, a figure expected to approach 500 million standard cubic feet when the upgrade of the Offshore Cape Three Points non-associated gas facilities is completed.
The President further announced that Ghana has fully restored the $500 million World Bank guarantee and is now up to date with its gas payments to petroleum partners.
He attributed the improved outlook in the sector to renewed engagements with industry partners and efforts by government to resolve outstanding upstream disputes and restore investor confidence.
President Mahama said crude oil production, which declined from a peak of approximately 195,000 barrels per day in 2019 to about 88,000 barrels per day, has now recovered to more than 120,000 barrels per day.
He disclosed that the Jubilee partners have committed $2 billion to new investments, while partners in the Offshore Cape Three Points project have committed another $1.5 billion.
The investments, he explained, will support the drilling of new wells, subsea infrastructure development and expansion of production facilities.
President Mahama said the investments are expected to sustain crude oil production while increasing natural gas output to support Ghana’s energy and industrial requirements.
He maintained that government will continue engaging industry players to attract fresh investments, expand production and ensure that the country’s petroleum resources deliver greater economic benefits.
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Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭
