Ghana Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in ghana, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Oil and Gas
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Overview

Ghana’s petroleum sector has experienced significant growth, particularly since the discovery of oil in commercial quantities in the Jubilee fields in 2007. Ghana’s crude oil production has declined for the fifth consecutive year, dropping from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024. Major new investments in the Jubilee and TEN fields, announced by Kosmos Energy and others in June 2025, will fund the drilling of up to 20 new wells, and are likely to improve the longer term prospects of the sector. 

The major oil and gas activities are conducted by international oil companies such as Tullow Ghana, Vitol, Kosmos Energy, and ENI, among others. Their sub-contractors include Schlumberger, Baker Hughes, Weatherford, Ocean Rig, and Technip FMC, among others. The sector has been the subject of investment disputes, such as one between the Springfield Group and ENI/Vitol. 

Upstream activities in the Ghanaian petroleum sector include the procurement and refining of crude oil by the nation’s only petroleum refinery, Tema Oil Refinery (TOR). Downstream activities include the marketing and distribution of petroleum products by Oil Marketing Companies (OMCs) and the pre-mixing of petroleum products for other industrial uses. OMCs operating in Ghana are mainly multinationals; however, the last decade has seen an increase in the establishment of several small and medium-sized local OMCs.

The Ghana National Petroleum Council (GNPC) has the mandate to explore for oil within the nation’s territory. Ghana’s oil and gas prospects are significant. Recent discoveries appear to indicate oil and gas resources stretch across the country’s shoreline, from Cape Three Points in the west to Keta in the east. The Volta Basin is also believed to hold oil and gas reserves onshore. The Government of Ghana, through GNPC, seeks to maximize the country’s prospects in the oil and gas sector and extend the country’s continental shelf to increase the sector’s scope.

The prices of petroleum products are regulated by an independent board. The nation consumes significant volumes of petroleum products, which are mainly imported. The petroleum products produced in Ghana are mainly exported. 

Opportunities and Context for U.S. companies

Please see our related market intelligence report on oil blocks in Ghana Ghana’s oil sector needs technical training for local companies.

  • Ghana lacks storage facilities for its gas products.
  • In addition to providing equipment and services directly to the exploration and production companies, training programs to increase the capacity of Ghanaian firms to provide these services are likely to be successful
  • The development of farm-ins or deals where a company, not at present a licensee on a particular licensed area, can acquire an interest from one of the existing licensees.
  • Development of infrastructure in the natural gas sector in projects such as the Western Corridor Gas Infrastructure Development Project (WCGIDP).
  • Upgrade the gas processing plants’ capacity to 300 million standard cubic feet per day (MMSFD) as part of Phase Two of WCGIDP.
  • Liquid natural gas and liquid petroleum gas-related projects and infrastructure.
  • Tank farms to be constructed for storage of crude and other refined products.
  • Construction of two or more jetties with multiple berths.
  • The construction of petrochemical plants to produce fertilizer such as ammonia and urea, given strong market demand. Ghana remains highly import dependent on imports of fertilizer and has not developed its gas resources for domestic production. See our Market Intelligence on Ghana’s Fertilizer Market. 


Sub-Sector Best Prospects

There is a need for oil and gas service firms that can partner with local Ghanaian companies to support the offshore activities of international oil companies. Domestic Ghanaian companies do not have the ability to provide a broad range of services despite local content requirements. Joint venture firms with foreign partners contributing technology and know-how to a partnership with a reliable local company are highly sought after. In addition to providing equipment and services directly to the exploration and production companies, training programs to improve the capacity of Ghanaian firms to provide these services are likely to be valued. 

Local Content

The Government of Ghana passed a local content law in 2013 that requires a minimum 5% equity stake in hydrocarbon exploration and production activities. The upstream oil sector is not a big employer, as the industry directly provides an estimated 8,000 jobs. The Government seeks 90% local participation in the oil and gas value chain. Analysts view this objective as ambitious due to local firms’ lack of local financial capacity, technical training, and ability to meet international standards. Foreign companies have largely been able to comply with requirements for local personnel via management positions and general staff. International oil companies are looking for local partners across the entire upstream value chain, from direct participation, storage, transportation, and haulage, to services and maintenance.

See our additional Market Intelligence on the Oil and Gas sector.

Contact: U.S. Commercial Service Ghana Commercial Specialist PaaEkow Quansah at Office.Accra@trade.gov or +233-540-011-5779 for more information.

References

Crude Oil Production Statistics
Petrocom
Ghana Investment Promotion Center

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