BLACK GOLD BULLETIN

As the global momentum toward decarbonization continues, Ghana is appealing to investors to ramp up oil production in a bid to prevent its fossil fuel assets from becoming obsolete. Speaking at the Africa CEO Forum in Abidjan, Ivory Coast, President John Mahama stressed the urgency of reversing the country's declining oil output by attracting fresh investment. Despite reaffirming Ghana's dedication to clean energy targets, he made a strong case for reviving oil exploration. “Oil is undergoing a transitional phase, and those with reserves should maximize output,” Mahama said. “We’re laying out the red carpet for any investor willing to drill.” Steady Decline in Oil Output Over the past five years, Ghana's oil production has consistently decreased due to a lack of investment in exploration and new field development. Data from the Public Interest and Accountability Committee (PIAC) shows production dropped to 48.3 million barrels in 2024, slightly below 48.2 million barrels...

The Acting CEO of the Ghana National Petroleum Corporation (GNPC), Mr. Kwame Ntow Amoah, has outlined a strategic plan aimed at reversing the country’s declining oil production and reinvigorating its upstream petroleum sector. Acting GNPC CEO, Mr. Kwame Amoah Speaking at the 8th Africa Energies Summit, Mr. Amoah emphasized GNPC’s renewed commitment to innovation, investment, and sustainability as foundational pillars for long-term sectoral growth. In his keynote speech titled “Taking Ghana to the Next Level: Advancing Oil & Gas Exploration & Production,” he noted that Ghana’s daily oil output has dropped significantly—from a peak of 195,750 barrels in 2019 to about 110,500 barrels in recent years. He attributed this decline to factors such as reduced productivity in existing fields, minimal exploration efforts, and policy-related hurdles. “Driving sustainable growth in Ghana’s oil and gas industry demands bold strategies and a proactive embrace of innovation,” he told an aud...