Ghana’s EXPLORCO to Drill Historic Voltaian Basin Well in 2026, Marking Major Milestone for Inland Exploration
Ghana’s ambitions to rejuvenate its upstream petroleum sector are taking a decisive turn, with the Ghana National Petroleum Corporation’s (GNPC) subsidiary, EXPLORCO, set to drill its first exploratory well in the Voltaian Basin by Q1 2026. The development signals not just a technical undertaking, but a strategic pivot toward untapped inland resources - representing the country’s most significant onshore exploration effort in over five decades.
The announcement came during the Invest in African Energies: Accra Investor Briefing on April 14, a prelude to African Energy Week 2025. At the event, EXPLORCO Managing Director Michael Aryeetey underscored the historic weight of the Voltaian initiative. “This is a key national project,” Aryeetey said. “It’s historical because no exploration well has been drilled in the basin since 1974.” He confirmed the corporation’s intent to attract credible exploration partners to develop what remains one of Ghana’s most underexplored frontiers.
The basin's revival is part of a broader strategy by Ghana’s energy leadership to mitigate declining offshore production and reinvigorate investor confidence. Since 2019, the country’s output has dropped by 25%, largely due to capital flight and delayed projects. Authorities are now aggressively courting fresh investment while refining the legal and regulatory landscape to ease entry and reduce operational friction.
Ghana’s Deputy Minister for Energy and Green Transition, Hon. Richard Gyan-Mensah, reiterated the country’s openness to international capital, pointing to available offshore blocks and upcoming farm-in opportunities. “Risk has been successfully reduced in some of these blocks,” he said, adding that new licensing avenues via direct negotiation are also available.
Supporting this renewed investment drive, the Petroleum Commission is overhauling regulatory and fiscal frameworks to fast-track approvals and improve transparency. “We are reviewing the time it takes to get permits, address reporting challenges, and resolve audit-related bottlenecks,” said Victoria Emeafa Hardcastle, Acting CEO of the Commission. Updates to the fiscal regime are expected to be announced shortly.
The significance of this inflection point for Ghana’s petroleum sector was not lost on industry voices. NJ Ayuk, Executive Chairman of the African Energy Chamber, framed the moment as one of reclamation and resurgence. “Ghana is back. It is ready for investment and energy dominance,” Ayuk said. “Believe in the country. Believe in its energy future.”
With an estimated 640 million barrels of oil and 1.2 trillion cubic feet of gas still in place in fields such as Jubilee and TEN, Ghana’s proven resources remain substantial. But the upcoming Voltaian Basin campaign stands out for its frontier potential - if successful, it could open a new chapter in sub-Saharan inland exploration, placing Ghana in a unique dual-position: a mature offshore producer with an emergent onshore story.
As African Energy Week in Cape Town approaches, Ghana is clearly positioning itself not just as a destination for legacy projects, but as a frontier ripe for discovery.
