GHANA BREAKS FIVE-YEAR INVESTMENT DROUGHT WITH LANDMARK TRISTAR PETROLEUM AGREEMENT

In a major step toward reviving its struggling upstream petroleum sector, the Government of Ghana has ratified a new Petroleum Agreement for Block GH_WB_01, located in the offshore Tano Basin. 

Tristar Petroleum Storage Facility

The agreement, signed with Tristar Upstream Oil and Gas Ghana Limited and GNPC Explorco, represents the country’s first petroleum agreement in five years and signals renewed momentum in attracting investment into the energy sector. The agreement comes at a critical time for Ghana’s oil and gas industry, which has faced a prolonged period of stagnation in exploration and declining output from its existing fields. Since the last petroleum agreement was signed in 2018, the country has struggled to attract fresh upstream investment, raising concerns over the sustainability of future petroleum revenues.

The newly ratified agreement covers Block GH_WB_01 in Ghana’s Western Basin, an area considered strategically important due to its hydrocarbon potential. The partnership between the government, Tristar Upstream, and GNPC Explorco is expected to boost exploration activity and potentially lead to new discoveries that could replenish Ghana’s depleting reserves.

Industry analysts see the agreement as a significant milestone, especially as Ghana’s major producing fields continue to experience natural production decline. By securing this agreement, the government aims to stimulate investor confidence, attract additional petroleum companies, and increase exploration efforts in untapped basins.

The expected outcome is not only an increase in reserves but also stronger petroleum revenues to support national development projects. The Tristar petroleum agreement therefore marks more than just a business transaction—it represents a renewed commitment by Ghana to restore growth, competitiveness, and sustainability in its upstream petroleum industry.

Source: PIAC 2025 Annual Report

Samuel Enimel. Researcher, Black Gold Bulletin

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