BLACK GOLD BULLETIN

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 par...

Saltpond Field, Ghana’s pioneering offshore oil site, has once again seen its decommissioning plans grind to a halt. Production ended in 2016, yet the Ghana National Petroleum Corporation (GNPC) continues to pay crew salaries for a field that no longer produces oil.  Saltpond Oilfield Platform The situation has sparked renewed debate over accountability, fiscal responsibility, and the management of Ghana’s petroleum legacy. Discovered in the 1970s, Saltpond Field was once a symbol of Ghana’s energy ambitions. But after decades of modest output, production ceased nearly ten years ago. Decommissioning was expected to follow swiftly, but according to the Public Interest and Accountability Committee (PIAC) 2025 Annual Report, contractual hurdles, regulatory bottlenecks, and cost verification requirements have repeatedly stalled progress.  The decommissioning process is complex: it involves plugging wells, dismantling offshore platforms, rehabilitating the site, and monitoring envi...