Ghana Seeks Oil Investment as ExxonMobil Return Talks Emerge

Ghana is looking to bring more international oil companies into its petroleum industry as falling crude production increases pressure on the government to attract investment. Discussions about a possible return by ExxonMobil have now surfaced, although neither the company nor Ghanaian energy authorities have confirmed that negotiations are under way.

Simon Madjie, chief executive of the Ghana Investment Promotion Authority (GIPA), told reporters on Friday, October 9, that he was aware of discussions concerning the U.S. energy company's potential return.

“I knew that there were some talks for them to come back. It's not something that can be disclosed now,” Madjie said.

He directed further questions to Energy Minister John Jinapor and the Petroleum Commission. Neither institution had publicly confirmed the talks, and ExxonMobil had not announced plans to resume operations in Ghana.

Production decline puts pressure on investment plans

Ghana's crude oil output dropped from 71.44 million barrels in 2019 to 48.25 million barrels in 2024, figures cited by the U.S. International Trade Administration show.

The government wants to attract capital for exploration and production, and it has proposed changes to the terms under which companies develop petroleum resources.

At Africa Oil Week on September 1, Jinapor outlined proposals that would lower GNPC's initial free equity interest in petroleum projects from 15% to 10%. The government also wants to extend petroleum contract periods from 25 years to 30 years.

The proposed changes were expected to undergo Cabinet and parliamentary consideration, with a vote planned before the end of 2026. They remain proposals until the legislative process is completed.

Madjie also cited investment commitments involving existing operators, including $2 billion associated with Tullow and its partners, and a further $1.5 billion involving Italian energy company Eni.

ExxonMobil's earlier Ghana exit

ExxonMobil left the Deepwater Cape Three Points block in May 2021. The company held an 80% interest in the block, while the Ghana National Petroleum Corporation owned 15% and Goil Offshore Ghana held 5%, according to Citi Business News.

Business & Financial Times reported that ExxonMobil had chosen to concentrate on projects with lower costs, including developments in Guyana and Brazil.

The idea of bringing the company back has also featured in earlier government discussions. In October 2023, then-Energy Minister Matthew Opoku-Prempeh said talks about a possible return had already started.

Other companies explore opportunities

Ghana's efforts to attract operators extend beyond ExxonMobil. Shell and Chevron signed a nonbinding memorandum of understanding with the government and GNPC on September 1, 2026, concerning the South Deepwater Tano Cape Three Points block, Reuters reported. Brazilian oil company Petrobras has also expressed interest in Ghanaian offshore blocks, according to MyJoyOnline on October 9.

These developments show that Ghana is pursuing several avenues to attract oil-sector investment. A return by ExxonMobil could add another potential investor to that effort, but the latest discussions have not yet produced a publicly confirmed agreement.