Ghana’s petroleum sector has experienced significant growth, particularly since the discovery of oil in commercial quantities in the Jubilee fields in 2007. Over the past decade, Ghana’s oil industry has experienced significant growth and development, with major international and local companies making substantial investments in exploration, production, trading, and service provision. These companies have not only contributed to Ghana’s economic development but also created jobs, fostered local content development, and supported community development initiatives.
Offshore Oil Platform
Ghana’s oil and gas prospects are significant. Recent discoveries appear to indicate oil and gas resources stretch across the country’s shoreline, from Cape Three Points in the west to Keta in the east. The Volta Basin is also believed to hold oil and gas reserves onshore. The Government of Ghana, through GNPC, seeks to maximize the country’s prospects in the oil and gas sector and extend the country’s continental shelf to increase the sector’s scope.Key Players in Ghana's Oil Industry
Here, we will highlight the major players in Ghana’s oil industry and their contributions to local development.Tullow Oil
Tullow Oil is a leading international oil company that has been actively engaged in exploration and production activities in Ghana’s oil blocks. Tullow Oil’s investment in Ghana has resulted in the discovery and development of several oil fields, which have contributed to Ghana’s energy supply chain and local capacity building.Eni Ghana
Eni Ghana is another major international oil company that has been involved in exploration and production activities in Ghana. Eni Ghana has made significant investments in the development of the Sankofa and Gye Nyame oil fields, which have contributed to Ghana’s oil production and economic growth.Kosmos Energy
Kosmos Energy is a global independent oil and gas exploration company that has been active in Ghana’s oil industry. Kosmos Energy has played a crucial role in the discovery and development of several oil fields in Ghana, contributing to Ghana’s energy security and local content development. Major new investments in the Jubilee and TEN fields, announced by Kosmos Energy and others in June 2025, will fund the drilling of up to 20 new wells, and are likely to improve the longer term prospects of the sector.GNPC (Ghana National Petroleum Corporation)
GNPC is a state-owned oil and gas company in Ghana that plays a pivotal role in the country’s oil industry.Springfield Group
Springfield Group is a Ghanaian-owned oil and gas company that has emerged as a key player in the industry. Springfield Group made history by becoming the first Ghanaian company to drill an offshore oil well, showcasing the technical capabilities and commitment to local participation of Ghanaian companies in the oil industry. The sector has been the subject of investment disputes, such as one between the Springfield Group and ENI/Vitol.Vitol Ghana
Vitol Ghana is a leading oil trading company that has been active in Ghana’s oil industry. Vitol Ghana has contributed to Ghana’s energy supply chain, ensuring reliable and efficient distribution of petroleum products across the country.Aker Energy Ghana Limited
Aker Energy Ghana Limited is a subsidiary of Aker Energy, a global oil and gas exploration and production company.Halliburton Ghana Limited
Halliburton Ghana Limited is a global oilfield services company that has been providing services to the Ghanaian oil industry. Halliburton Ghana Limited has been involved in various aspects of the oil industry value chain, including drilling, completion, and production services, supporting Ghana’s oil and gas operations.TechnipFMC Ghana Limited
TechnipFMC Ghana Limited is a global oil and gas services company that has been active in Ghana’s oil industry. TechnipFMC Ghana Limited has provided engineering, procurement, and construction services for oil and gas projects in Ghana, contributing to the development of Ghana’s oil resources.Zeal Environmental Technologies Limited Ghana
Zeal Environmental Technologies Limited Ghana was founded by Mr. Kwaku Ennin. Zeal is now Zeal Environmental Technologies, with a combined 35 plus years serving various Industries, has now extended coverage to the Oil, Gas and Marine industries. Zeal Environmental’s goal is to provide our clients with the best systems and methods for the processing of Industrial Waste available, to the extent of reusing the byproducts termed as waste. We take it upon ourself to best educate the service providers and exploration companies’ one stop shop platform for materials and services needed onshore/offshore. Supply Chain Management in ‘lean’ ‘agile’ way to best deliver on service and material procurement in the chain of project and contract execution.Other Key Entities
* **Petroleum Commission:** The regulator of Ghana’s oil industry, playing a crucial role in the growth and development of the sector.* **Tema Oil Refinery (TOR):** The nation’s only petroleum refinery, involved in the procurement and refining of crude oil.* **Oil Marketing Companies (OMCs):** Companies involved in the marketing and distribution of petroleum products.Ghana's Oil Production Trends
Ghana’s crude oil production has declined for the fifth consecutive year, dropping from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024.Oil Production
Local Content and Opportunities
The Government of Ghana passed a local content law in 2013 that requires a minimum 5% equity stake in hydrocarbon exploration and production activities. The Government seeks 90% local participation in the oil and gas value chain. Analysts view this objective as ambitious due to local firms’ lack of local financial capacity, technical training, and ability to meet international standards. Foreign companies have largely been able to comply with requirements for local personnel via management positions and general staff.There is a need for oil and gas service firms that can partner with local Ghanaian companies to support the offshore activities of international oil companies. Domestic Ghanaian companies do not have the ability to provide a broad range of services despite local content requirements. Joint venture firms with foreign partners contributing technology and know-how to a partnership with a reliable local company are highly sought after. In addition to providing equipment and services directly to the exploration and production companies, training programs to improve the capacity of Ghanaian firms to provide these services are likely to be valued.Sub-Sector Best Prospects
* Development of farm-ins or deals where a company, not at present a licensee on a particular licensed area, can acquire an interest from one of the existing licensees.* Development of infrastructure in the natural gas sector in projects such as the Western Corridor Gas Infrastructure Development Project (WCGIDP).* Upgrade the gas processing plants’ capacity to 300 million standard cubic feet per day (MMSFD) as part of Phase Two of WCGIDP.* Liquid natural gas and liquid petroleum gas-related projects and infrastructure.* Tank farms to be constructed for storage of crude and other refined products.* Construction of two or more jetties with multiple berths.* The construction of petrochemical plants to produce fertilizer such as ammonia and urea, given strong market demand. Ghana remains highly import dependent on imports of fertilizer and has not developed its gas resources for domestic production. See our Market Intelligence on Ghana’s Fertilizer Market.Heirs Energies
Heirs Energies’ milestones include doubling production at OML 17 within 100 days and ensuring all produced gas powers Nigerian homes and industries.
“At Heirs Energies, we don’t just believe Africa’s mature and frontier assets hold promise, we have proven it. The OML 17 turnaround shows that with the right governance, innovation, and local execution, indigenous operators can unlock value where others saw decline. On 1 October, Sam will join the Navigating Asset Divestments in Africa’s Upstream Sector panel, discussing strategies for financing African independents and de-risking mature assets.
“The divestment wave creates opportunities for African players to lead, but credibility is key. Heirs Energies’ participation at AEW underscores the Africapitalism philosophy of Heirs Holdings Group Chairman Tony O. Our story is one of resilience, innovation, and purpose - proving that indigenous operators can match and exceed global standards while creating lasting impact in our communities.
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Table of Key Oil Companies in Ghana
| Company Name | Type | Key Activities |
|---|---|---|
| Tullow Oil | International Oil Company | Exploration and Production |
| Eni Ghana | International Oil Company | Exploration and Production |
| Kosmos Energy | Global Independent Oil and Gas Company | Exploration and Development |
| GNPC | State-Owned Oil and Gas Company | Exploration and Production |
| Springfield Group | Ghanaian-Owned Oil and Gas Company | Exploration and Production |
| Vitol Ghana | Oil Trading Company | Oil Trading and Distribution |
| Aker Energy Ghana Limited | Subsidiary of Aker Energy | Exploration and Production |
| Halliburton Ghana Limited | Oilfield Services Company | Drilling, Completion, and Production Services |
| TechnipFMC Ghana Limited | Oil and Gas Services Company | Engineering, Procurement, and Construction Services |
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