Ghana’s Crude Oil Production Rebounds by 30% After Five Years of Decline

Ghana’s crude oil output had fallen for five straight years. The major change was a reported rebound of about 30%. That shift matters because it signals a move from sustained decline toward recovery in the upstream petroleum sector.

The recovery followed a US$2 billion memorandum of understanding signed in 2025 with Kosmos Energy, a Jubilee field partner. The agreement extended licences to 2040 and supported a revised Jubilee development plan. That plan allows up to 20 additional wells, helping restore production capacity.

The government says the agreement has moved into implementation. It approved the revised plan, and work began. Kosmos reported average gross Jubilee production of about 72,000 barrels per day in the second quarter of 2026. Another campaign of up to 10 wells is planned for 2027-2028, beginning in mid-2027.

The clearest current production figure is Jubilee’s average gross output of approximately 72,000 barrels of oil per day in the second quarter of 2026. Jubilee is one of Ghana’s producing fields, but this number is not the same as Ghana’s total national production. The article gives no national daily total.

Kosmos Energy reported the Jubilee figure after two wells, J76 and J77, came on stream in June and July. The wider national picture is described as a 30% increase after five years of declining crude output. However, without the earlier national baseline or the latest national total, the exact amount produced across Ghana cannot be worked out.

The available evidence therefore shows a strong Jubilee contribution, not a complete countrywide tally. Further drilling is planned, including up to 10 Jubilee partnership wells in 2027-2028. Those wells could support additional production, while the government also seeks investment from other operators.

Ghana’s 2025 agreement with Kosmos Energy changed the long-term framework for the Jubilee and Tweneboa-Enyenra-Ntomme, or TEN, fields. The licences were extended to 2040. That longer timeframe was designed to give the partnership confidence to invest in production and gas development.

The agreement included a revised Jubilee development plan. Ghana approved the plan, and work began. It allows up to 20 further wells. Kosmos also planned another campaign of up to 10 wells for 2027-2028, starting in mid-2027. The partnership reported average gross Jubilee production of about 72,000 barrels per day in the second quarter of 2026.

The deal covers more than oil volumes. It is intended to improve Ghana’s supply of affordable natural gas for domestic electricity generation. Kosmos Chief Executive Andy Inglis said the licence extension created the long-term certainty needed for investment in technology and gas development. The government sees the arrangement as a model for other upstream agreements.

Higher oil and natural gas production could support Ghana’s energy security. The agreement specifically aims to increase oil output and improve affordable gas supplies for domestic electricity generation. A stronger local supply could help Ghana rely more on its own energy resources for power generation.

The mechanism is the link between field development and fuel availability. More wells can raise oil production, while gas development can provide fuel for electricity plants. Kosmos Chief Executive Andy Inglis stressed that energy security must also include affordability for consumers and businesses. The agreement therefore targets both supply and price concerns.

The article does not promise a specific reduction in electricity prices or confirm that shortages will end. It describes affordable gas as an intended outcome. If the plans deliver more dependable and reasonably priced domestic gas, Ghana could improve power-sector resilience and reduce pressure on consumers and businesses. Further investment and implementation will determine the result.

Offshore oil projects require substantial investment and planning. A licence ending soon can make companies cautious about spending because they may have less time to produce returns. Extending the Jubilee and TEN licences to 2040 gives operators a longer operating horizon and greater confidence.

That certainty supports the agreement’s practical mechanisms. Kosmos can plan additional drilling, including up to 20 wells under the revised Jubilee development plan. It can also commit money to technology and gas development. Kosmos Chief Executive Andy Inglis said the extension provided the long-term certainty needed for further investment.

The article shows this confidence through action. Ghana approved the revised plan, work commenced, and two wells came on stream in June and July 2026. Kosmos maintained a US$350 million group capital expenditure budget for 2026. Another campaign of up to 10 wells is planned for 2027-2028, suggesting the longer licence is supporting continued activity.

Ghana’s production strategy extends beyond the current Jubilee partnership. The 2025 agreement also covers the TEN field, giving that asset a longer licence framework. The government says it already has agreements with Chevron and is engaging Shell and CNOOC for increased investment.

Petrobras is another possible contributor. Minister John Abdulai Jinapor said talks with Petrobras had progressed, with both sides considering a final agreement. He also said the government was working toward an agreement with Chevron, subject to parliamentary approval. These arrangements could bring new capital, technology, and development activity.

The article does not provide production forecasts for these companies or fields. Their contribution therefore remains prospective rather than confirmed. Ghana is also preparing reforms to its petroleum fiscal regime. Those reforms are intended to improve the investment climate and move through Cabinet and Parliament, helping attract operators that can support future oil and gas growth.

Crude oil is a naturally occurring liquid mixture of hydrocarbons found in underground rock formations. In an offshore field, the reservoir lies beneath the seabed. Companies build or use offshore facilities and drill through the seabed into the oil-bearing rock. The extracted liquid is crude because it has not yet been refined into products such as fuels.

Drilling wells create the connection between the reservoir and the production system. A development plan may include several wells so oil can flow from different parts of the field. Production wells bring crude upward, while equipment on the offshore facility separates and handles the produced fluids before transport. The article refers to Jubilee wells J76 and J77 coming on stream.

Ghana’s revised Jubilee plan allows up to 20 more wells, with another campaign of up to 10 planned for 2027-2028. These activities are intended to increase output. The article gives production results but does not describe the field’s detailed geology or extraction equipment.

A 30% rebound describes the size of Ghana’s production increase relative to an earlier comparison point. If the earlier output were known, the increase would be calculated by comparing the new output with that baseline. For example, an earlier level of 100 units rising to 130 units would represent a 30% increase. The article does not provide those national figures.

The comparison is especially important because output had declined for five years. The reported increase therefore marks a reversal of direction, not simply a larger number in isolation. Minister John Abdulai Jinapor described it as a significant turnaround after sustained decline. Renewed development under the Kosmos agreement is credited for the recovery.

The article gives a separate Jubilee measure: approximately 72,000 barrels per day in the second quarter of 2026. That figure cannot establish Ghana’s total or independently calculate the 30% national rebound. It shows the scale of one field’s contribution while further wells and other agreements remain possible.