Ghana’s upstream energy sector is undergoing a revival that reflects a strategic alignment with broader sustainability goals. In recent weeks, two major developments have positioned the West African nation at the forefront of energy opportunity on the continent. Italian energy giant Eni has declared the commercial viability of the Eban-Akoma discovery, Ghana’s largest offshore oil and gas find in years, while Tullow Oil and Kosmos Energy have secured 15-year license extensions to continue production at the Jubilee and TEN fields. Together, these moves mark a turning point for Ghana’s energy future, sending strong signals to international investors, policy watchers, and advocates of climate-aligned industrialization.
The Eban-Akoma complex, located in the Cape Three Points Block 4 and estimated to hold between 500 and 700 million barrels of oil equivalent, lies adjacent to Eni’s existing Sankofa production hub. This proximity allows for a cost-effective and rapid development process, with Eni and its partners having already submitted a full Plan of Development to the Ghanaian government. The discovery is especially significant given its rich natural gas potential, a resource increasingly seen as a transition fuel critical to supporting power generation and industrial resilience across Africa.
At the same time, the extension of petroleum licenses to Tullow and Kosmos through 2040 represents a renewed confidence in Ghana’s investment climate. Backed by the Ghana National Petroleum Corporation (GNPC), PetroSA, and Explorco, this long-term commitment includes plans to drill 20 new wells and inject up to $2 billion in capital. The partnership also aims to ramp up gas output to 130 million standard cubic feet per day, with a new pricing and payment structure designed to improve access for power producers and industrial users. In a context where energy insecurity and grid instability have hindered economic diversification, this expanded output could be transformative.
These developments are not taking place in a vacuum. Ghana’s government, under the administration of President John Mahama, has taken deliberate steps to rebuild trust in the energy sector by reinforcing regulatory clarity, strengthening institutional capacity, and embracing public-private partnerships. The Petroleum Commission and GNPC have been central to these efforts, working closely with international operators to ensure that new investments benefit both the private sector and the broader Ghanaian economy.
Read also: Angola ramps up onshore and shallow water oil exploration to sustain production growth
Beyond the economics, the implications for sustainable development are significant. Expanded oil and gas production, if managed responsibly, could create thousands of new jobs across engineering, logistics, fabrication, and related services. Local content policies and technical training programs supported by Eni, Tullow, and Kosmos are already helping build a new generation of skilled Ghanaian professionals equipped to lead in the energy space. These partnerships are also creating pathways for local companies to grow their footprint across the value chain, from offshore support services to gas infrastructure development.
Moreover, the emphasis on gas in both the Eban-Akoma project and the Jubilee-TEN extensions aligns with Ghana’s broader energy transition goals. Gas offers a cleaner alternative to coal and diesel for powering homes, factories, and public institutions. It also provides a stable platform to integrate intermittent renewables like solar and wind, which are steadily expanding across the region. Tullow, for instance, has committed to achieving Net Zero Scope 1 and 2 emissions by 2030, signaling a shift in how traditional oil companies are aligning with climate imperatives.
As the country moves toward ratifying these license agreements and finalizing development and commercial frameworks, the coming months will be crucial. Parliamentary approval, gas sales contracts, and technical planning will set the tone for implementation. Yet, even now, the message is clear: Ghana is open for business—and not just any business, but the kind that is long-term, climate-conscious, and focused on inclusive economic growth.
For sustainability-minded investors, analysts, and policy leaders, Ghana’s upstream revival offers a case study in how extractives can be repositioned as enablers of broader transformation. At a time when Africa is under pressure to leapfrog dirty development pathways and build resilient, low-carbon economies, this renewed energy narrative out of Accra offers optimism and a challenge to other resource-rich nations.
Read also: AfDB rallies ministers and financiers behind $100B nexus plan for water, food, energy and ecosystems
