Finance Minister Dr. Cassiel Ato Forson has announced that the Ghana National Petroleum Corporation (GNPC) will begin offshore oil drilling in the Voltaian Basin in October 2026.
The disclosure was made during his 2026 Budget Statement presentation to Parliament, where he highlighted the government’s plans to revive Ghana’s declining oil and gas sector.
Dr. Forson reported a significant drop in Ghana’s oil production, which has nearly halved from 71.4 million barrels in 2019 to an estimated 36 million barrels by 2025.
Addressing this sharp decline, he praised the current administration under President John Dramani Mahama for taking decisive measures to reverse the downward trend.
He further revealed that investor-friendly reforms introduced by the government have attracted over US$3.5 billion in new oil and gas investments in 2025 alone.
These initiatives aim to create a more competitive, transparent, and stable petroleum regime to boost exploration and production activities.
“Mr. Speaker, also the Ghana National Petroleum Corporation (GNPC) will commence drilling for oil on the offshore Voltain Basin in October 2026,” Dr. Forson declared.
“The prospects look good to expand Ghana’s hydrocarbon production.
“Mr. Speaker, an upstream regulatory and fiscal review is underway to make Ghana’s petroleum regime more competitive, transparent and stable,” he added.
