The Ghana Investment Promotion Centre (GIPC) says it has nnoted the recent ratification by Parliament of the extension of the West Cape Three Points and Deepwater Tano petroleum agreements covering the Jubilee and Tweneboa Enyenra Ntomme(TEN) fields to 31 December 2040.
According to the GIPC, the development, which has been publicly confirmed by industry operators including Tullow Oil and Kosmos Energy, is an important signal for investor confidence in Ghana’s energy sector, as it unlocks $2 billon in fresh investment in two of Ghana’s most strategic offshore assets.
Public disclosures by the operators indicate that the extension is expected to support continued upstream activity, including additional investment in field development.
This has implications not only for production, but also for the wider investment ecosystem linked to the sector, the GIPC said in a statement.
From an investment promotion standpoint, the statement said, the extension provides longer-term certainty in a capital-intensive sector where investors require clarity to plan, commit capital and make reinvestment decisions.
This recovery trajectory is also essential for sustaining the foreign exchange revenues and fiscal stability on which Ghana depends, making the country more predictable and attractive to international investors across all sectors, it said.
“GIPC also notes public disclosures indicating strengthened long-term national participation, with Ghana National Petroleum Corporate(GNPC)’s interest increasing from 2036, alongside revised gas supply arrangements for the extended period. This reinforces local content, technology transfer and long-term national ownership in the sector.
“In addition, continued investment in the energy sector can create further opportunities across the value chain, including engineering services, marine and logistics support, maintenance, fabrication, technical services, and gas-related industrial activity. A more stable domestic energy outlook also supports competitiveness in manufacturing and other productive sectors of the economy.
“For both local and foreign investors, Ghana’s petroleum extension demonstrates a government committed to honouring long-term commitments, managing fiscal risks through increased national equity participation and creating a stable regulatory environment.
“GIPC remains committed to working with relevant sector institutions and stakeholders to promote Ghana as a competitive destination for responsible, long-term investment and to support stronger local linkages and value creation across the economy,” the statement said.
