President John Dramani Mahama has announced a major offshore gas and condensate discovery in Ghana’s Tano Basin, describing it as an important milestone in efforts to revitalise the country’s upstream petroleum industry.
The discovery was made at the Nya Gyidie-1X exploration well in the Deepwater Cape Three Points (DWCTP) Block by Planet One Oil and Gas Limited and its partners, the Ghana National Petroleum Corporation (GNPC) and GOIL Upstream Limited.
President Mahama announced the discovery on Tuesday, November 10, 2026, at the opening of the Petroleum Commission’s Local Content Conference and Exhibition in Takoradi.
“I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, GOIL Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery,” he said.
The President described the find as a significant geological achievement, noting that it represents Ghana’s first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target.
“The hydrocarbon discovery at the Nya Gyidie-1X well in the Deepwater Cape Three Points contract area marks an important milestone for Ghana. It is the country’s first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target,” he said.
The well also targeted the Lower Albian formation as a secondary exploration objective. Nya Gyidie, which translates from Akan as “Have Faith”, was chosen as the name of the exploration well.
Planet One operates the block with a 75 per cent participating interest, while GNPC holds 15 per cent and GOIL Upstream Limited owns the remaining 10 per cent.
The discovery is particularly significant because the block was previously held by US oil major ExxonMobil, which relinquished its interest in 2021. Its subsequent development under a Ghanaian-led operating arrangement highlights the growing capacity of indigenous companies to undertake complex offshore exploration projects.
However, the commercial size of the discovery is yet to be established, with further appraisal required to determine the quantity of recoverable resources and the economic viability of production.
Beyond the discovery, President Mahama announced that Ghana’s crude oil production had recovered to above 120,000 barrels per day, following renewed efforts to strengthen investment and address challenges in the upstream sector.
He also disclosed that the government had secured US$3.5 billion in new upstream investment commitments, including US$2 billion from Jubilee Field partners to support additional drilling and infrastructure expansion.
On regulatory reforms, the President said proposed amendments to the Petroleum Exploration and Production Act, 2016 (Act 919), had been submitted to Cabinet. The changes are intended to introduce stronger fiscal incentives and attract further local and international investment.
“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.
The 2026 conference was held under the theme, “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector through Reforms and Partnership to Spur Competitiveness and Investment.”
