Ghana - Country Commercial Guide
Oil and Gas
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Ghana’s petroleum sector has experienced significant growth, particularly since the discovery of oil in commercial quantities in the Jubilee fields in 2007. Average crude oil production capacity has been declining slightly over time, with an average 176,000 barrels per day in September 2021.

Some of 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 the 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

  • Ghana’s Energy Ministry announced that it will offer new oil blocks in Ghana’s Western and Eastern Basins for exploration through direct negotiations.  Please see our related market intelligence report. Ghana’s oil sector needs technical training for local companies.
  • Ghana lacks storage facilities for its gas products.

Ghana’s Ministry of Energy, as part of its announcement of investment projects for the next three years, highlighted the following opportunities: 

  • 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 highly 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. 
  • Liquid natural gas and liquid petroleum gas-related projects and infrastructure.
  • The government has provided land and basic infrastructure such as roads, water, and electricity, but requires private sector participation to develop a facility within the Petroleum Hub Development Authority. 
  • The government is supporting the establishment of three refineries with a 300,000 Barrels per stream day (BPSD) capacity.
  • Tank farms to be constructed for storage of crude and other refined products.
  • Construction of two or more jetties with multiple berths. 
  • Ghana would like to construct up to five petrochemical plants to produce fertilizer such as ammonia and urea. There is a strong need in the market for the production of fertilizer.  Ghana remains highly import dependent on imports of fertilizer and has not developed its gas resources for domestic production, although it has announced plans such as these to explore this.  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 the 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 five percent equity stake in hydrocarbon exploration and production activities.

The upstream oil sector is not a big employer. The industry directly provides an estimated 8,000 jobs.  The Government seeks 90 percent 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 or +233-540-011-5779 for more information.


Crude Oil Production Statistics


Ghana Investment Promotion Center