Ghana’s upstream petroleum sector witnessed a significant rebound in 2024, recording a 181 percent increase in exploration investment from US$32 million in 2023 to US$90 million fueled primarily by ENI’s intensified activities in the Cape Three Points Block 4.
This resurgence is detailed in the 2024 Annual Report of the Public Interest and Accountability Committee (PIAC), which attributes the bulk of the increase to a sharp rise in exploration spending, particularly in Block 4 where investment jumped from US$9 million to US$69 million within the year.
Despite the strong growth in exploration, overall development investment in the sector fell by 21.6 percent, dropping from US$1.25 billion in 2023 to US$980 million in 2024.
This decline was largely due to reduced drilling activities by Tullow Oil in the Jubilee Field, where expenditure fell sharply from US$631 million to US$285 million.
Development operations still accounted for the lion’s share of upstream investment in 2024, representing 91.59 percent of total spending, while exploration made up 8.41 percent.
Meanwhile, the Ministry of Energy is actively engaging in negotiations for exploration rights in the onshore Tano Sedimentary Basin and is reviewing additional applications from prospective investors, signaling continued interest in Ghana’s petroleum potential.
