Ghana's EXPLORCO to Drill First Voltaian Basin Well in 2026, Seeks Global Investment Partners

EXPLORCO’s Managing Director, Michael Aryeetey, made the announcement during the Invest in African Energies: Accra Briefing, held on April 14, 2025.

Ghana’s upstream oil and gas sector is poised for a historic milestone as EXPLORCO, the exploration arm of the Ghana National Petroleum Corporation (GNPC), prepares to drill its first exploration well in the Voltaian Basin in the first quarter of 2026. This initiative marks the first exploration drilling activity in the basin since 1974, signaling a bold step forward in Ghana’s efforts to unlock new petroleum frontiers and boost domestic hydrocarbon production.

EXPLORCO’s Managing Director, Michael Aryeetey, made the announcement during the Invest in African Energies: Accra Briefing, held on April 14, 2025. He highlighted the strategic importance of the Voltaian Basin project for Ghana’s energy future, emphasizing that the company is actively seeking credible international partners to explore and drill in the basin.

“We will go ahead with the Voltaian project because it is a key project for the country,” Aryeetey said. “This is historical because no exploration well has been drilled there since 1974. Because there is so much to do in the basin, the strategy is to invite other partners to explore and drill in the basin. We are looking for credible partners.”

Ghana’s Vision for Energy Independence

The Voltaian Basin project represents a major component of Ghana’s broader strategy to boost upstream investment and achieve energy self-sufficiency. By leveraging its underexplored basins and mature offshore fields, Ghana aims to rejuvenate exploration activity, attract foreign direct investment, and ensure sustainable production growth.

Richard Gyan-Mensah, Deputy Minister of Energy and Green Transition, stressed that Ghana is open to business and eager to welcome investors through flexible access to both offshore and onshore opportunities.

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

The government’s push toward infrastructure-driven exploration has created attractive entry points for exploration and production companies. Ghana is positioning itself as a stable and investor-friendly jurisdiction with significant untapped potential.

Regulatory and Fiscal Reforms Underway

To make Ghana more appealing to investors, the Petroleum Commission of Ghana is advancing regulatory and fiscal reforms aimed at streamlining exploration and production activities. Acting CEO Victoria Emeafa Hardcastle noted that several key changes will be announced soon.

“A lot of work has been done on the regulatory side, and we will soon come to the public and announce these,” she stated. “The fiscal regime is something we are looking at, including the length of time taken to get permits and reporting issues and audits.”

These efforts aim to reduce operational barriers and address concerns over delays in permitting and regulatory compliance, improving the ease of doing business in the Ghanaian upstream sector.

A Call for Renewed Investment in Mature Fields

While new basins like Voltaian are being explored, efforts are also being intensified to maximize the potential of Ghana’s mature offshore assets. The Jubilee and TEN fields, cornerstone projects in Ghana’s oil and gas portfolio, remain central to the government’s production strategy.

Victor Kofi Sunu-Attah, former Advisor to the CEO and General Manager of Engineering at GNPC, revealed that Ghana holds approximately 640 million barrels of oil in the Jubilee, TEN, and adjacent fields, along with 1.2 trillion cubic feet of gas.

“We are doing research to ensure that these resources can be brought to the surface. We invite investors to partner with companies that have 2D and 3D seismic on their blocks and are ready to drill,” he said.

Edward Abambire Bawa, CEO of GOIL, further emphasized the urgency for investment to reverse declining production. From 2019 to 2025, Ghana has witnessed a 25% decrease in oil output, primarily due to underinvestment in the upstream sector.

“We are currently assessing opportunities,” Bawa noted. “We need renewed capital inflows to stabilize and grow our production levels.”

Ghana's Energy Renaissance: A Regional Message

The investor event was also an opportunity for African energy leaders to reaffirm their confidence in Ghana as a prime investment destination. NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), lauded Ghana’s investor-focused energy strategy.

“Ghana is back, it is ready for investment and ready for energy dominance,” Ayuk said. “This approach reflects a Ghanaian-first strategy that benefits everyone. Believe in this country, believe in this energy sector.”

Echoing his remarks, David Pappoe, President of the AEC in Ghana, described the country’s energy sector as being at a pivotal stage.

“We are here to discuss how we can drive investment into Ghana,” Pappoe said, reinforcing the sector’s openness to international collaboration.

Road to African Energy Week 2025

The Accra Investor Briefing served as a prelude to the much-anticipated African Energy Week: Invest in African Energies conference, scheduled for September 29 to October 3 in Cape Town, South Africa. The event is expected to be a vital platform for showcasing Ghana’s oil and gas potential, engaging stakeholders, and facilitating major investment deals.

With multiple initiatives underway—from opening frontier basins to optimizing legacy fields—Ghana is aggressively repositioning itself as a hub for oil and gas activity in West Africa. The call to action is clear: the nation is ready for investment, ready for innovation, and ready to become a key player in the global energy arena.

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