President John Dramani Mahama has announced a new offshore hydrocarbon discovery in Ghana's Tano Basin, describing it as "an important milestone for Ghana."

He made the announcement on Tuesday in Takoradi at the opening of the 2026 Local Content Conference and Exhibition, organised by the Petroleum Commission.

What was found

The find was made at the Nya Gyidie-1X exploration well in the Deepwater Cape Three Points (DWCTP) contract area. According to Citi Newsroom, the well encountered gas and condensate, but the size of the discovery has not yet been established.

The well tested the Cenomanian-Turonian play, with the Lower Albian as a secondary target. President Mahama said it was the country's first successful test of a Cenomanian-Turonian carbonate play.

Who owns the block

Graphic Online reports that the block is operated by Ghanaian company Planet One Oil & Gas, which holds a 75 per cent interest. The Ghana National Petroleum Corporation (GNPC) holds 15 per cent and GOIL Upstream holds 10 per cent.

The block was previously operated by US major ExxonMobil, which relinquished its interest in 2021. Planet One had targeted an October 2026 start of drilling using the Noble Venturer rig, Graphic reports. The President described the result as a testament to the potential of Ghanaian-owned firms in the energy sector.

Production and investment

Mr Mahama said his government was working to restore investor confidence, settle outstanding disputes with operators and attract new investment to reverse falling oil output.

He said crude oil production had risen to more than 120,000 barrels per day, and that the Jubilee partners had committed $2 billion to new work. He added that investments involving Tullow and its partners would support further exploration and production.

The President also said amendments to the Petroleum Exploration and Production Act had been submitted to Cabinet to offer better incentives to investors, and pointed to prospects in the ultra-deepwater areas and the Voltaian Basin.

He said the discovery and new investment must translate into jobs, local business opportunities and greater participation by Ghanaian companies in the industry.

What we don't know yet

No estimate of how much gas or condensate the well holds has been given, and no timeline for appraisal or development was announced.