President John Dramani Mahama has announced a significant new oil and gas discovery in Ghana’s Deepwater Cape Three Points block within the Tano Basin, following the successful drilling of the Nya Gyidie-1X exploration well.
The major hydrocarbon find was achieved by Planet One Oil and Gas Limited in strategic partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC). While the newly discovered deposit contains both gas and condensate, its full volumetric size is currently being evaluated. Making the formal announcement, President Mahama described the breakthrough as a vital milestone for Ghana’s petroleum sector, highlighting that it marks the nation’s first successful test of a Cenomanian-Turonian carbonate play.
Speaking on the development, the President emphasized that the successful drilling of the Nya Gyidie-1X well targeting the Cenomanian-Turonian play with the Lower Albian formation as a secondary target reflects a powerful resurgence of investor confidence in Ghana’s upstream petroleum industry. He noted that national crude oil production has risen to more than 120,000 barrels per day, bolstered by substantial financial commitments from existing operators. Notably, Jubilee partners have committed $2 billion, while additional investments involving Tullow and partner firms are slated to expand infrastructure, drive deepwater exploration, and increase overall production capacity.
In addition to celebrating the new find, President Mahama outlined sweeping administrative and legislative reforms designed to revitalize the sector. His government has submitted amendments to the Petroleum Exploration and Production Act to Cabinet, aiming to introduce enhanced incentives for international and domestic investors. Furthermore, the administration is actively working to resolve outstanding legacy disputes with petroleum operators.
Looking toward the future of the nation’s energy landscape, the President pointed to the ultra-deepwater Voltaian and other sedimentary basins as promising frontiers for future exploration, underscoring the critical necessity of replenishing national petroleum reserves as older fields mature. He stressed that the ultimate objective of these discoveries and renewed industry investments is to create sustainable jobs, fortify local businesses, and substantially elevate the participation of Ghanaian enterprises across the petroleum value chain to deliver tangible economic improvements for citizens.
Source: Thepressradio.com
