Ghana has struck a major deal to boost its oil and gas sector with the signing of a Memorandum of Intent (MoI) worth US$1.5 billion between the Government of Ghana, ENI, Vitol, and the Ghana National Petroleum Corporation (GNPC). The agreement was sealed at the ongoing Africa Oil Week, with Energy Minister John Abu Jinapor representing the government.
According to the Minister, the integrated strategic investment plan is designed to enhance Ghana’s oil and gas production capacity, optimize output, and drive growth in the energy sector.
He stressed that the investment goes beyond numbers, describing it as “a vote of confidence in Ghana’s upstream petroleum sector, our economy, and a catalyst for job creation and infrastructure development.”
The deal aligns with President John Dramani Mahama’s vision of creating a business-friendly environment that attracts investors while safeguarding national interests.
Minister Abu Jinapor also highlighted the government’s adoption of the Gas-to-Power policy, a flagship initiative aimed at channeling natural gas resources into power generation.
This, he noted, would strengthen Ghana’s energy security, reduce over-reliance on imported fossil fuels, and contribute to sustainable development.
Reaffirming the government’s resolve, the Minister said efforts are underway to “reset the upstream petroleum sector” and reverse the decline in oil production experienced in recent years.
