Investment in Ghana’s upstream petroleum sector surged by an impressive 181% in 2024, rising from US$32 million in 2023 to US$90 million.
This significant growth was largely fueled by ENI’s exploration activities in the Cape Three Points area, according to the 2024 Annual Report by the Public Interest and Accountability Committee (PIAC).
The report highlights a dramatic increase in exploration spending on Block 4, which jumped from US$9 million to US$69 million within the year.
However, while exploration saw major gains, development investments in the sector declined by 21.6%. Spending dropped from US$1.25 billion in 2023 to US$0.98 billion in 2024, primarily due to reduced drilling activity by Tullow in the Jubilee Field. Tullow’s investment fell sharply from US$631 million to US$285 million.
Despite the decline, development spending still dominated upstream petroleum investment in 2024, accounting for 91.59% of total expenditures, while exploration made up just 8.41%.
Meanwhile, the Ministry of Energy is actively negotiating exploration rights in the onshore Tano Sedimentary Basin and is currently reviewing additional applications from prospective investors.
