President Mahama Announces New Gas Discovery in Tano Basin
President John Dramani Mahama announced a substantial gas and condensate discovery at the Nya Gyidie-1X well to signal renewed investor confidence in Ghana's petroleum industry.
John Dramani Mahama announced a new gas and condensate discovery at the Nya Gyidie-1X exploration well in the Tano Basin on November 10, 2026. Speaking at the Local Content Conference and Exhibition in Takoradi, the president stated the find demonstrates renewed investor confidence in the upstream petroleum industry.
The discovery occurred within the Deepwater Cape Three Points block, which is operated by Planet One Oil and Gas Limited with a 75 percent interest. The project is a partnership including the Ghana National Petroleum Corporation, which holds a 15 percent interest, and GOIL Upstream with a 10 percent interest. This block was previously operated by ExxonMobil before the company relinquished its interest in 2021.
While official volume estimates have not been released and technical assessments are ongoing to determine commercial significance, the government is using the momentum to attract further capital. President Mahama noted that proposed amendments to the Petroleum Exploration and Production Act have been submitted to Cabinet to improve investor incentives and reverse declines in crude oil production. Current production has risen to over 120,000 barrels per day, supported by a $2 billion commitment to new projects in the Jubilee field.
