President John Dramani Mahama has announced a new offshore hydrocarbon discovery in Ghana’s Deepwater Cape Three Points block in the Tano Basin.

The discovery, made by Planet One Oil and Gas Limited in partnership with Goil Upstream Limited and the Ghana National Petroleum Corporation (GNPC), contains gas and condensate. However, its estimated size is yet to be established.

If successfully developed, the discovery could boost government revenue, attract fresh investment into the petroleum sector and strengthen Ghana’s position as one of West Africa’s key oil-producing countries.

President Mahama made the announcement following the drilling of the Nya Gyidie-1X exploration well, describing it as an important milestone for the country's petroleum industry.

“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 Gyidie 91X Well in the deep-water Cape Three Points contract area marks an important milestone for Ghana. It is the country’s first successful test of a Cenomanian-Turonian carbonate play,” he said.

The Nya Gyidie-1X well was drilled to test the Cenomanian-Turonian play, with the Lower Albian formation also targeted as a secondary objective.

The President said the exploration success reflected growing investor confidence in Ghana's upstream petroleum industry and fulfilled a commitment made by the company.

He said his administration was working to restore investor confidence, resolve outstanding disputes with operators and attract new investments to reverse the decline in oil production.

According to him, crude oil production has increased to more than 120,000 barrels per day, while existing operators have committed substantial investments to new projects.

The Jubilee partners have committed US$2 billion, while other investments involving Tullow and its partners are expected to support exploration, infrastructure development and increased production.

President Mahama stressed the need for continued investment to replace reserves depleted through production, pointing to the potential of the ultra-deepwater Voltaian and other sedimentary basins.

He also disclosed that amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to introduce improved incentives for investors.

The President said the government wanted the discovery and renewed investments in the sector to create jobs, expand opportunities for local businesses and increase the participation of Ghanaian companies in the petroleum industry.

“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.