GNPC to Drill First Voltaian Basin Well in 2026

Ghana is gearing up for a new era in energy exploration, with EXPLORCO — the exploration subsidiary of the Ghana National Petroleum Corporation (GNPC) — set to drill its first well in the Voltaian Basin in the first quarter of 2026. This will be the first exploration well in the basin in over five decades, marking a significant step in efforts to open up new frontiers in Ghana’s upstream oil and gas sector.

The announcement was made during the Invest in African Energies: Accra Investor Briefing, an event that convened policymakers, regulators, and investors ahead of African Energy Week 2025 scheduled for September 29 to October 3 in Cape Town, South Africa.

Michael Aryeetey, Managing Director of EXPLORCO, described the Voltaian Basin as “a key national project” and emphasized the strategic importance of the upcoming drilling campaign.

“We will go ahead with the Voltaian project because it is a key project for the country. This is historic — no exploration well has been drilled there since 1974,” he said.
He also noted that EXPLORCO is inviting credible international and local partners to collaborate, stressing that, “There is so much to do in the basin, and the strategy is to invite other partners to explore and drill.”

A Push for Upstream Revitalization

Ghana is pursuing an infrastructure-driven exploration strategy to reinvigorate its upstream petroleum sector, which has seen declining output from its flagship Jubilee and TEN fields. Speaking at the event, Richard Gyan-Mensah, Deputy Minister of Energy and Green Transition, said Ghana is actively courting investment to unlock both offshore and onshore opportunities.

“To investors, Ghana is open for business. There are vast unlicensed blocks offshore available through direct negotiations. There are also partnership or farm-in opportunities for some of the contract areas,” he said.

The Deputy Minister added that risk had been “successfully reduced” in many areas, making the country’s petroleum blocks more attractive for investment.

Legal Reforms and Fiscal Clarity

Efforts to improve the sector’s appeal go beyond geological prospects. Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission, highlighted ongoing reforms to Ghana’s regulatory and fiscal regimes, including streamlined licensing and permitting procedures.

“A lot of work has been done on the regulatory side… We are looking at the fiscal regime, including time taken to get permits and audit issues,” she said. “We are considering launching a new licensing round. It is a mandate of the Minister.”

These steps, according to the Commission, are designed to provide greater clarity and efficiency in upstream operations, ensuring that investors have the legal certainty needed to commit capital to high-risk exploration ventures.

Production Woes Spur Urgency

The push to boost exploration comes against a backdrop of declining national output. GOIL CEO Edward Abambire Bawa noted that Ghana’s oil production has dropped by 25% since 2019, primarily due to underinvestment in the sector.

“From 2019 until now, production has declined by 25 percent. We are currently assessing opportunities to reverse this trend,” he said.

Victor Kofi Sunu-Attah, former Advisor to the GNPC CEO and General Manager, Engineering, reaffirmed the country’s resource potential, noting that the Jubilee, TEN, and surrounding fields still hold an estimated 640 million barrels of oil and 1.2 trillion cubic feet of gas.

“We are doing research to ensure these resources can be brought to surface. We invite investors to partner with companies that already have 2D and 3D seismic data and are ready to drill,” he stated.

A Renewed Investment Pitch

NJ Ayuk, Executive Chairman of the African Energy Chamber, praised Ghana’s investor-focused approach, saying:

“Ghana is back. It is ready for investment and ready for energy dominance. As we move forward, I want to encourage stakeholders to believe in the potential of Ghana.”

David Pappoe, President of the African Energy Chamber in Ghana, added, “The energy sector is at a pivotal stage and we need investment. We are here to discuss how we can drive that into Ghana.”

The Accra Investor Briefing served as a prelude to African Energy Week: Invest in African Energies 2025 — a major industry conference expected to attract global players to Cape Town later this year. Ghana’s strategic messaging is clear: new frontiers like the Voltaian Basin, coupled with investment-friendly reforms and a stable political climate, position the country as a key destination for African energy investment.