President John Dramani Mahama has announced a new oil and gas discovery in Ghana’s offshore Tano Basin, describing the development as a significant milestone for the country’s petroleum industry.

The discovery was made at the Nya Gyidie-1X exploration well in the Deepwater Cape Three Points (DWCTP) block by Planet One Oil & Gas Limited in partnership with the Ghana National Petroleum Corporation (GNPC).

President Mahama announced the discovery on Tuesday, November 10, 2026, at the opening of the 2026 Local Content Conference and Exhibition organised by the Petroleum Commission in Takoradi.

The well has encountered gas and condensate, although the estimated size and commercial potential of the discovery are yet to be established.

According to the President, the successful drilling exercise demonstrates renewed investor confidence in Ghana’s upstream petroleum sector and highlights the growing capacity of indigenous companies to undertake major exploration activities.

The Deepwater Cape Three Points block is currently operated by Planet One Oil & Gas, which holds a 75 per cent participating interest. GNPC holds 15 per cent, while GOIL Upstream owns the remaining 10 per cent.

The block was previously operated by American oil giant ExxonMobil, which relinquished its interest in 2021.

President Mahama said the discovery reflected the government’s efforts to restore investor confidence, resolve outstanding industry challenges and attract fresh investments to reverse declining crude oil production.

He disclosed that Ghana’s crude oil production had increased to more than 120,000 barrels per day, with existing industry players also committing significant resources to new exploration and production activities.

“Nananom and distinguished guests, I am pleased to announce that Planet One Oil and Gas Limited, together with its partners, Goil Upstream Limited and the Ghana National Petroleum Corporation, has made a new offshore discovery.

“The hydrocarbon discovery at the Nya Gyedie 91X Well in the deep-water Cape Three 3 Points contract area marks an important milestone for Ghana. It is the country’s first successful test of a Cenomanian-Turonian carbonate plate,” he added.

The Jubilee Field partners have committed approximately $2 billion towards further investments, while other projects involving Tullow Oil and its partners are expected to support exploration, infrastructure development and increased production.

The President stressed the need for Ghana to continuously replenish its petroleum reserves through exploration, particularly as existing fields mature and production gradually depletes their resources.

He also disclosed that proposed amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to introduce improved incentives and create a more attractive investment environment for operators.

Mahama said the government was determined to ensure that new discoveries and investments translated into employment opportunities, business growth and increased participation of Ghanaian companies in the oil and gas value chain.

“Our goal is to turn those resources into jobs and opportunities for millions, and to deliver a tangible improvement in the lives of our people,” he said.