Ghana’s oil and gas sector is showing clear signs of resurgence, underscored by Eni’s recent declaration of commerciality for the Eban-Akoma complex in the Cape Three Points Block 4. Estimated to hold between 500 and 700 million barrels of oil equivalent, the find marks the country’s largest offshore discovery in years and lies adjacent to Eni’s existing Sankofa production hub, allowing for rapid and cost-efficient development. 

The African Energy Chamber (AEC), as the voice of Africa’s energy sector, welcomes and strongly supports this development as a significant step forward in Ghana’s upstream revival. Together with other recent industry milestones – including 15-year license extensions granted to Tullow Oil and Kosmos Energy – it signals growing confidence in Ghana’s potential and stands as a testament to the bold measures taken by President John Mahama’s administration to restore momentum and investor trust in the sector. 

Ghana Secures Long-Term Energy Commitments  

Last month, Tullow Oil and Kosmos Energy – alongside partners PetroSA, Ghana National Petroleum Company (GNPC) and Explorco – signed a Memorandum of Understanding to secure the extension of petroleum licenses in the Jubilee and TEN fields through 2040. While the Eban-Akoma discovery points to Ghana’s geological upside, the agreement with Tullow and Kosmos underscores the country’s institutional capacity to drive and sustain long-term energy growth. 

At the center of both developments is a renewed focus on production-led investment. Eni is preparing a development plan to bring its new find online, while Tullow and Kosmos have committed up to $2 billion to drill 20 new wells in Jubilee. These aren’t speculative ventures – they’re anchored in existing infrastructure, supported by regulatory clarity and structured to deliver returns for both investors and the Ghanaian state. The resulting uplift in oil and gas production will expand the country’s revenue base through GNPC equity, royalties and taxes – laying the groundwork for greater investment in national development priorities such as healthcare, education and infrastructure. Crucially, Ghana’s ability to secure long-term upstream commitments also sends a strong signal to global markets that the country is stable, serious and investment-ready. 

Expanded Output to Power Industry and Jobs  

Energy security is also central to both projects. Eni already supplies a large portion of Ghana’s domestic gas needs, and Eban-Akoma will enhance that capacity. ??Under the extended production license agreement, Tullow and Kosmos have committed to delivering 130 million standard cubic feet of gas per day from the Jubilee and TEN fields, supported by a restructured pricing and payment model that enhances access for power producers and industrial users. These volumes are vital for stabilizing the power sector, strengthening energy-intensive industries and supporting job creation. With sustained drilling and field optimization, Ghana’s proven and probable reserves will continue to grow, further strengthening its resource base and outlook. 

Ghana’s institutional capacity also stands to benefit. Partnerships between Eni, Tullow and Kosmos and national bodies like GNPC and the Petroleum Commission include frameworks for knowledge transfer, technical support and regulatory alignment – all of which strengthen the country’s ability to manage its energy resources. Eni’s ongoing expansion, along with Tullow and Kosmos’ drilling programs, is expected to directly and indirectly support thousands of jobs across engineering, logistics, fabrication and services, while creating new opportunities for Ghanaian companies to play a greater role in the oil and gas value chain. 

“Ghana is proving that a clear regulatory environment, strong national institutions and consistent political will can unlock real energy growth,” said NJ Ayuk, Executive Chairman of the AEC. “The Eban-Akoma discovery and the government’s smart approach to extending production at Jubilee and TEN are exactly the kinds of moves that send a message to global investors: Ghana is open for business and serious about long-term energy security.” 

As Ghana works to revitalize its upstream sector and accelerate economic growth, these commitments represent crucial milestones that strengthen the country’s reputation as a dependable oil and gas producer while driving energy security, building institutional capacity, creating jobs and fueling sustainable development.