President John Dramani Mahama on Tuesday, November 10, 2026, announced a new offshore hydrocarbon discovery in the Deepwater Cape Three Points (DWCTP) block in the Tano Basin, made by Ghanaian-owned Planet One Oil and Gas with its partners GNPC and GOIL Upstream.
The President made the announcement in Takoradi while opening the 2026 Local Content Conference and Exhibition organised by the Petroleum Commission.
The find came from the Nya Gyidie-1X exploration well. Reports by Graphic Online and Citi Newsroom describe it as a gas and condensate discovery. The size of the discovery has not yet been established.
President Mahama described the find as Ghana’s first successful test of a Cenomanian-Turonian carbonate play as a primary exploration target, calling it “an important milestone for Ghana.”
Who made the Deepwater Cape Three Points discovery
Planet One Oil and Gas Limited operates the Deepwater Cape Three Points block with a 75% interest, according to Graphic Online. The Ghana National Petroleum Corporation (GNPC) holds 15% and GOIL Upstream holds 10%.
ExxonMobil previously operated the block but relinquished its interest in 2021. The Nya Gyidie-1X well was drilled with the Noble Venturer rig.
The President said the discovery shows that indigenous Ghanaian companies can increasingly lead high-stakes offshore exploration.
What the well targeted
The Nya Gyidie-1X well tested the Cenomanian-Turonian carbonate play as its main target. The Albian formation was a secondary objective.
Officials say further appraisal work is needed to determine the extent of the discovery and whether it is commercially viable before any development decision is made.
Ghana oil production rises above 120,000 barrels per day
President Mahama also told the conference that Ghana’s crude oil output has recovered to more than 120,000 barrels per day. Production had fallen from about 195,000 barrels per day in 2019 to about 88,000 barrels per day.
He blamed the decline partly on the global energy transition and partly on poor governance and regulatory inconsistency, which he said led to “the loss of investor confidence.” GhanaTrends earlier reported on the 30% rise in Ghana’s oil output and US$3.5bn in upstream investment commitments.
Key oil and gas figures from the President’s speech
- Crude oil output: about 195,000 bpd (2019) → about 88,000 bpd (low point) → over 120,000 bpd now
- Jubilee partners’ new investment commitment: US$2 billion
- Offshore Cape Three Points (OCTP) partners’ commitment: US$1.5 billion
- Gas production: about 400 million standard cubic feet per day, expected to approach 500 million after OCTP upgrades
- Renegotiated Jubilee gas price: about 18% cheaper, saving an estimated US$300 million
- Renegotiated ENI/Vitol gas deal: average price down 23%, saving about US$3.5 billion over the field’s remaining life
Other upstream petroleum reforms announced
President Mahama said proposed amendments to the Petroleum Exploration and Production Act, 2016 (Act 919) have been signed by the Ministers of Energy and Finance and sent to Cabinet to add investment incentives.
He said government is engaging ENI, Vitol, Shell, Chevron and Petrobras on acreage in the western and eastern basins, and three MoUs have been signed on key terms for three blocks.
He added that a major obstacle to developing the Pecan field has been removed, and that GNPC subsidiary Explorco plans to drill its first exploration wells in the Voltaian Basin in the first quarter of 2027.
What the new oil discovery means for Ghanaians
The President said success in the sector should be measured by opportunities for Ghanaian businesses and workers, not just production. He said the goal is to turn resources into “jobs and opportunities for millions.”
He urged operators to share contract information early with local suppliers, include training and technology transfer, and asked banks to help Ghanaian suppliers bid for bigger contracts.
For now, the discovery does not change fuel prices or government revenue. Its value depends on what appraisal work finds.
What happens next
Planet One and its partners are expected to carry out appraisal work to measure the size and commercial potential of the find. The Petroleum Commission, which regulates the upstream sector, would oversee any development plan.
The Act 919 amendments await Cabinet approval before going to Parliament.
Quick Summary
- Announced by: President John Dramani Mahama
- Date and venue: November 10, 2026, Petroleum Commission Local Content Conference, Takoradi
- Block: Deepwater Cape Three Points, Tano Basin
- Well: Nya Gyidie-1X
- Partners: Planet One Oil and Gas (75%, operator), GNPC (15%), GOIL Upstream (10%)
- Type: Gas and condensate; size not yet established
- Ghana oil output: over 120,000 barrels per day
FAQs – Mahama Announces New Gas Discovery in Deepwater Cape Three Points as Oil Output Tops 120,000 Barrels a Day
Where is Ghana’s new oil and gas discovery?
It is in the Deepwater Cape Three Points block in the Tano Basin, offshore Ghana’s Western Region, from the Nya Gyidie-1X well.
Which company found the new oil in Ghana?
Ghanaian-owned Planet One Oil and Gas Limited made the discovery as operator, with partners GNPC and GOIL Upstream.
How much oil does Ghana produce per day in 2026?
President Mahama said on November 10, 2026, that Ghana’s crude oil output has recovered to more than 120,000 barrels per day.
The Deepwater Cape Three Points find marks a first for a Ghanaian-led operator and for the Cenomanian-Turonian carbonate play, but its size and commercial value will only be known after appraisal. It comes as government pushes reforms and new investment to lift oil and gas output.
