Ghana’s upstream petroleum investment surges to 181% in 2024

Ghana’s upstream petroleum industry recorded a remarkable 181 percent surge in investment, rising from US$32 million in 2023 to US$90 million in 2024, largely driven by ENI’s Cape Three Points operations.

This is highlighted in the Public Interest and Accountability Committee (PIAC) 2024 Annual Report.

According to the report, exploration investment in Block 4 soared from US$9 million to US$69 million.

However, overall development investments declined by 21.6 percent, falling from US$1.25 billion in 2023 to US$0.98 billion in 2024, mainly due to a significant reduction in Tullow’s drilling activities in the Jubilee Field, where spending dropped from US$631 million to US$285 million.

In 2024, development investment accounted for 91.59 percent of total upstream spending, while exploration represented 8.41 percent.

Meanwhile, the Ministry of Energy is negotiating exploration rights for a block in the onshore Tano Sedimentary Basin and reviewing applications from additional prospective investors.

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