GNPC’s EXPLORCO to drill first Voltaian Basin Well in 2026 as Ghana courts energy investors

Ghana is working to boost its upstream petroleum sector. The Ghana National Petroleum Corporation’s exploration wing, EXPLORCO, will drill its first well in the Voltaian Basin. This is scheduled for the first quarter of 2026.

The announcement was made at the Invest in African Energies event on April 14. This event highlighted investment opportunities in Ghana's oil and gas industry. It took place ahead of African Energy Week later this year.

Michael Aryeetey, Managing Director of EXPLORCO, spoke at the event. He emphasized the importance of the Voltaian Basin initiative. He said, “We will go ahead with the Voltaian project because it is key for the country.” No exploration well has been drilled there since 1974.

Aryeetey mentioned that EXPLORCO seeks partnerships for this underexplored area. He added, “There is so much to do in the basin. We are looking for credible partners.”

This initiative aligns with a broader government strategy to attract investment. The goal is to reduce risks that have deterred exploration in Ghana’s oil sector.

Deputy Minister of Energy Richard Gyan-Mensah highlighted Ghana's openness to investors. He stated, “To investors, Ghana is open for business.” There are unlicensed offshore blocks available through direct negotiations and partnership opportunities.

NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), echoed these sentiments. He said Ghana’s energy sector is ready to reclaim regional dominance.

“Ghana is back and ready for investment,” he noted. He encouraged stakeholders to believe in Ghana's potential and energy sector.

David Pappoe, AEC President in Ghana, stressed the need for fresh capital. He remarked that “Ghana’s energy sector is at a pivotal stage.” They discussed how to drive investment into Ghana.

To boost investor confidence, the Petroleum Commission is refining regulatory frameworks. Acting CEO Victoria Emeafa Hardcastle stated they have made significant progress on regulations.

She mentioned upcoming announcements about fiscal regimes and permit processes.

Ghana's renewed focus comes after production declines in recent years. Edward Abambire Bawa, CEO of GOIL, acknowledged a 25% decline since 2019 due to lack of investment.

One priority remains increasing output from existing fields. Victor Kofi Sunu-Attah disclosed that there are significant resources available in Jubilee and TEN fields.

He invited investors to partner with companies ready to drill using seismic data.

The investor briefing set the stage for discussions at African Energy Week from September 29 to October 3.

Ghana aims to be a key player in Africa’s energy future with an open invitation for investment now.