Ghana is moving to reopen a new chapter in offshore oil exploration with the signing of two Memoranda of Understanding (MoUs) covering blocks GH WB 3 and GH WB 8 in the Tano Basin.
The agreements, involving Eni Ghana, Vitol Upstream Tano Limited and the Ghana National Petroleum Corporation (GNPC), are expected to pave the way for negotiations towards final Petroleum Agreements for the two offshore blocks.
The MoUs were signed on behalf of the government by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor.
The move forms part of efforts to attract fresh investment and unlock Ghana’s remaining hydrocarbon potential at a time when production from some existing oil fields is gradually maturing.
The two blocks span approximately 2,100 square kilometres, with offshore water depths ranging from 750 to 2,800 metres.
Government says the latest development builds on a Memorandum of Intent signed in 2025, which envisaged an investment of about US$1.5 billion.
The administration of President John Dramani Mahama has positioned the agreements as part of broader reforms intended to make Ghana’s petroleum sector more competitive, predictable and attractive to investors.
The location of the blocks could also provide an advantage as exploration progresses, given their proximity to existing producing fields and petroleum infrastructure.
According to the government, investors could leverage infrastructure and services already established within Ghana’s upstream petroleum ecosystem, potentially reducing some of the logistical and infrastructure costs associated with developing new offshore discoveries.
For the country, however, the signing of the MoUs represents only an initial step.
The immediate focus will be on concluding the final Petroleum Agreements, commencing exploration activities and determining whether commercially viable hydrocarbon resources can be discovered.
The government says it intends to continue with reforms aimed at accelerating exploration and production while ensuring that Ghana derives maximum and sustainable value from its petroleum resources.
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