President John Dramani Mahama has announced a major new offshore petroleum discovery in Ghana’s Deepwater Cape Three Points area, delivering fresh optimism for the country’s oil and gas industry.
The discovery was made at the Nya Gyidie-1X exploration well in the Tano Basin and contains gas and condensate. President Mahama announced the find on Tuesday, November 10, 2026, while opening the Petroleum Commission’s Local Content Conference and Exhibition in Takoradi.
The new find is being hailed as an important milestone because it represents Ghana’s first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target. The well also targeted the Lower Albian formation as a secondary objective.
Planet One Oil and Gas Limited operates the block with a 75 percent participating interest, alongside the Ghana National Petroleum Corporation with 15 percent and GOIL Upstream Limited with 10 percent.
However, the actual size and commercial value of the discovery have not yet been established. No reserve estimates or flow rates were immediately released, meaning additional appraisal work will be required before authorities can determine how much petroleum can ultimately be produced.
The development comes as Ghana seeks to reverse years of declining crude oil production and attract fresh investment into its upstream petroleum industry.
President Mahama disclosed that national crude production has recently recovered to more than 120,000 barrels per day, after falling from a peak of about 195,000 barrels per day in 2019. He also revealed that Jubilee partners have committed about $2 billion in new investment, while another $1.5 billion has been pledged for projects in the Offshore Cape Three Points area.
Mahama said the government remains focused on rebuilding investor confidence, resolving disputes with petroleum companies and creating an environment capable of attracting more exploration.
For Ghana, the Nya Gyidie-1X discovery could represent another important chapter in the country’s petroleum story. If further appraisal confirms commercially viable reserves, the find could potentially support future production, investment, jobs and increased local participation in the oil and gas industry.
For now, attention will turn to additional testing to determine just how significant Ghana’s latest offshore discovery could become.
