EXPLORCO, the dedicated exploration arm of the Ghana National Petroleum Corporation (GNPC), is poised to make a significant stride in the country’s energy sector by drilling its inaugural exploration well in the underexplored Voltaian basin. This ambitious undertaking is scheduled for the first quarter of 2026 and is strategically aimed at identifying new hydrocarbon leads and potentially unlocking entirely new geological plays within this frontier basin. Currently, EXPLORCO is actively engaged in comprehensive research initiatives to underpin its exploration efforts and is proactively seeking collaborative partnerships to effectively tap into the vast potential of this largely untouched region.
The Voltaian basin project gained prominence this week with its announcement at the Invest in African Energies: Accra Briefing held on April 14, 2025. This forum served as a platform for Ghana to showcase its upstream investment opportunities and articulate its strategic shift towards infrastructure-driven exploration as a key priority to attract diverse investments from both established and emerging exploration and production companies.
Michael Aryeetey, the Managing Director of EXPLORCO, emphasized the national significance of the project, stating, “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.” Recognizing the extensive work required to fully understand and develop the basin’s resources, Aryeetey outlined a collaborative strategy: “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.”
Richard Gyan-Mensah, Ghana’s Deputy Minister of Energy and Green Transition, extended a clear invitation to the global investment community, asserting, “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.” This statement underscores Ghana’s commitment to attracting foreign direct investment into its energy sector.
NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC), lauded Ghana’s strategic approach, stating, “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 this sentiment, David Pappoe, President of the AEC in Ghana, highlighted the critical juncture at which Ghana’s energy sector currently stands: “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 incentivize upstream investment and create a more conducive environment for exploration and production activities, the Ghanaian government has been actively working on enhancing its regulatory and fiscal frameworks. Victoria Emeafa Hardcastle, the Acting CEO of the Petroleum Commission of Ghana, affirmed these efforts, noting, “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 proactive measures are specifically aimed at boosting spending within Ghana’s upstream sector to counteract the natural production decline experienced in its more mature oil fields. Edward Abambire Bawa, CEO of the oil and gas company GOIL, highlighted the impact of underinvestment, stating, “From 2019 until now, production declined by 25%, due to many attributes such as lack of investment. We are currently assessing opportunities.”
Furthermore, a key priority for the government is to optimize production from its currently active Jubilee and TEN offshore fields. Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager, Engineering at GNPC, provided insights into the existing resource base, explaining, “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.” This comprehensive strategy, encompassing both frontier exploration in the Voltaian basin and maximizing production from existing assets, signals Ghana’s determined efforts to secure its energy future and attract significant international investment.
SOURCE: Oilspot Suriname