Ghana’s state oil company will launch drilling operations in the untapped Voltaian Basin by January 2026 using an innovative funding model that prioritizes domestic investors.
The Ghana National Petroleum Corporation (GNPC) aims to distribute exploration costs and risks across multiple Ghanaian financial institutions, according to acting CEO Kwame Ntow Amoah.
The 100,000-square-kilometer onshore basin represents one of West Africa’s last major unexplored petroleum frontiers, with geological surveys indicating significant crude oil and gas potential. GNPC estimates exploration wells will cost $25-$40 million each, substantially less than offshore drilling operations. “This shared approach makes participation feasible for local institutions while mitigating individual risk exposure,” Amoah told The High Street Journal.
The initiative comes as Ghana seeks to reverse a decade-long decline in exploration activity. Industry data shows annual drilling rates dropped from five wells during 2008-2014 to just one per year between 2016-2022. GNPC’s strategy marks a deliberate shift from reliance on foreign capital to greater domestic control of energy resources.
Energy analysts note the Voltaian Basin project could establish a template for local participation in Africa’s hydrocarbon sector if successful. Previous attempts to explore the basin stalled due to funding constraints and shifting priorities. The current plan aligns with GNPC’s restructuring under Amoah, a petroleum sector veteran appointed earlier this year to transform the corporation into a commercially-driven entity.
While the shared-risk model lowers financial barriers for local investors, industry observers caution that exploration remains inherently uncertain. The project’s success could nonetheless redefine Ghana’s approach to developing its natural resources while boosting energy security.
