• Ghana faces declining oil production and a $3 billion energy sector debt.
• The government and partners will optimize the Offshore Cape Three Points (OCTP) project.
• It will maintain or increase production and develop new fields.

Facing diminishing output from its mature oil fields, Ghana will explore optimization strategies for the Offshore Cape Three Points (OCTP) project. On September 16, the government formalized a memorandum of understanding with partners, including Italian company Eni, trader Vitol, and state-owned GNPC.

The agreement outlines an evaluation of actions aimed at maintaining or increasing production. Eni reports that the OCTP area of interest has produced over 107 million barrels of oil and approximately 480 billion cubic feet (13.6 billion m³) of natural gas since 2018.

The involved parties plan to study the development of the Eban-Akoma field (CTP-4 block), optimize existing infrastructure, and initiate new onshore and offshore investments.

According to Eni, OCTP supplies approximately 70% of the gas used for Ghana's electricity generation. A July note from the company detailed that this gas contributes to nearly 34% of national electricity, following an increase in processing capacity from 246 to 270 million standard cubic feet per day.

Conversely, the decline in crude oil production has already had tangible consequences. The Bank of Ghana reported a 56% decrease in oil revenues during the first half of 2025 compared to 2024.

Therefore, optimizing OCTP block production represents a critical challenge for Ghana. Future steps hinge on the outcomes of technical and economic studies, which will determine the feasibility and scale of necessary investments.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange Jason Quenum