Ghana Secures $1.5bn Energy Deal with ENI, Vitol and GNPC
By Benjamin Nii Nai Anyetei
Ghana’s upstream energy sector has received a major boost following the signing of a US$1.5 billion Memorandum of Intent between the Government of Ghana, ENI, Vitol, and the Ghana National Petroleum Corporation (GNPC) at the Africa Oil Week.
The agreement is expected to significantly expand the country’s oil and gas production capacity and reposition Ghana’s energy sector for long-term growth.
Speaking on behalf of government, Minister of Energy and Green Transition, John Jinapor, described the investment as a vote of confidence in Ghana’s petroleum industry and the broader economy.
“This is not just a figure on paper; it is a commitment to job creation and a catalyst for the infrastructure that will power our nation forward,” Jinapor said.
According to the Minister, the deal forms part of an integrated strategic investment plan that will optimise oil operations, deepen collaboration with international partners, and accelerate Ghana’s energy transformation. He added that the initiative aligns with President John Dramani Mahama’s vision of fostering a business-friendly climate that attracts investors while safeguarding Ghana’s national interest.
As part of government’s broader agenda, Jinapor underscored the importance of the Gas-to-Power Policy, which prioritises the use of domestic natural gas for electricity generation. He explained that this will strengthen energy security, reduce reliance on imported fossil fuels, and support sustainable growth.
He further assured that government is committed to reviving Ghana’s upstream petroleum sector, which has seen a decline in production in recent years.
“We will continue to take bold steps to address the dwindling oil production witnessed in the last couple of years. This partnership with ENI, Vitol, and GNPC marks the beginning of a new phase of resilience and growth in our energy sector,” he emphasised.
The deal is projected to create thousands of direct and indirect jobs, boost infrastructure development, and solidify Ghana’s position as a competitive oil and gas hub in West Africa.
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