Ghana’s upstream petroleum investment surges to 181% in 2024

Ghana’s upstream petroleum industry saw a 181 percent increase in investment. It rose from US$32 million in 2023 to US$90 million in 2024. This growth was mainly due to ENI’s operations at Cape Three Points.

The Public Interest and Accountability Committee (PIAC) released the 2024 Annual Report. The report noted that exploration investment in Block 4 jumped from US$9 million to US$69 million.

However, overall development investments fell by 21.6 percent. They decreased from US$1.25 billion in 2023 to US$0.98 billion in 2024. This decline was largely due to reduced drilling activities by Tullow in the Jubilee Field.

Tullow's spending dropped significantly, from US$631 million to US$285 million. In 2024, development investment made up 91.59 percent of total upstream spending. Exploration accounted for the remaining 8.41 percent.

Meanwhile, the Ministry of Energy is negotiating exploration rights for a block in the onshore Tano Sedimentary Basin. They are also reviewing applications from other potential investors.