According to the 2025 semi-annual report by the Public Interest and Accountability Committee (PIAC), Ghana has not signed any new petroleum agreements since 2018, indicating a significant decline in upstream sector investment. During the first half of 2025, only one well was drilled in the Jubilee field. Meanwhile, the TEN field saw no drilling activity at all under its operator this period.

In the SGN field, Eni undertook a sidetrack operation on the SNKE-1X ST well to optimize productivity. Elsewhere, Pecan Energies has commenced preparatory works following approval of its Plan of Development, but has yet to reach the critical Final Investment Decision (FID).

On the Voltaian Basin front, the Petroleum Commission noted that a 2D seismic campaign (Phase IV) completed in April 2024 improved geological understanding. The Ministry of Energy is now conducting desktop studies on the blocks while aligning its laws and regulations with a new onshore exploration-production policy.

The report, covering January to June 2025, also reviewed petroleum revenue management, including production, liftings, state revenue allocations, utilisation of the Annual Budget Funding Amount (ABFA), and oversight of Ghana’s petroleum funds—the Stabilisation and Heritage Funds.