Mahama Announces $3.5bn Oil and Gas Push as Sentuo Refinery Phase II Breaks Ground
President John Dramani Mahama has announced a $3.5 billion investment drive to revive Ghana’s oil and gas sector, declaring the funding will boost production after six years of decline and secure the country’s energy future.
The President made the announcement on Thursday, June 25, 2026, while cutting the sod for Phase II of the Sentuo Oil Refinery.
He said Jubilee partners have committed $2 billion to drill 20 new wells, while OCTP partners will invest $1.5 billion in new exploration.
The Jubilee field output is expected to rise from 60,000 to 85,000 barrels per day.
“This is not just about oil,” President Mahama said. “It is about energy security, more jobs for Ghanaians, and a stronger economy. With new projects in the Tano West basin and the expansion of the Sentuo Refinery, Ghana is positioning itself as an industrial hub.”
The announcement comes as the government pushes its industrialisation and value addition agenda. Phase II of Sentuo will increase refinery capacity from 40,000 to 100,000 barrels per day, complementing the upstream investments to reduce fuel imports and improve supply stability.
Energy analysts say the $3.5 billion injection addresses a critical gap after years of underinvestment that saw production slide.
The new wells and exploration work are expected to create thousands of jobs during construction and operations, while strengthening the cedi by cutting the import bill for refined petroleum products.
With upstream development in the Tano West basin moving alongside downstream expansion at Sentuo, the government says Ghana is laying the foundation to become a regional petroleum processing and industrial centre.
Click to read more: https://opemsuo.com/author/hajara-fuseini/
