The Government of Ghana has signed a Memorandum of Intent with ENI, Vitol, and the Ghana National Petroleum Corporation (GNPC) for a $1.5 billion integrated strategic investment plan aimed at boosting the country’s oil and gas production capacity.

The agreement, announced at the Africa Oil Week, represents a major vote of confidence in Ghana’s upstream petroleum sector and overall economic outlook.

According to the Minister for Energy and Green Transition, John Jinapor,  the investment will not only expand production but also optimise oil operations to support Ghana’s energy sector growth.

“This is not just a figure on paper; it is a commitment to job creation, infrastructure development, and the long-term stability of our energy sector,” he said.

President John Dramani Mahama has consistently emphasised the government’s drive to create an investment-friendly business environment while safeguarding Ghana’s national interest.

As part of this commitment, the government has rolled out the Gas-to-Power Policy, a strategic initiative to utilise Ghana’s natural gas resources for electricity generation.

The policy is expected to enhance energy security, reduce dependence on fossil fuels, and promote sustainable development.

The Minister further underscored the government’s resolve to “reset” the upstream petroleum sector to address declining oil production recorded in recent years.

The $1.5 billion deal is anticipated to serve as a catalyst for infrastructure growth and a significant step forward in Ghana’s energy transition and industrialisation agenda.