Ghana’s national oil exploration subsidiary EXPLORCO will drill its first exploration well in the Voltaian Basin during the first quarter of 2026, marking the first drilling in the region since 1974 and potentially opening a significant new hydrocarbon province.
Michael Aryeetey, EXPLORCO’s Managing Director, announced the milestone project during Monday’s Invest in African Energies investor briefing in Accra, describing it as “historical” while noting the company is actively seeking “credible partners” to help unlock the basin’s potential.
“We will proceed with the Voltaian project because it represents a key opportunity for the country,” Aryeetey said. The onshore basin covers approximately 40% of Ghana’s landmass and remains largely unexplored despite geological studies suggesting petroleum system elements are present. 
The initiative comes as Ghana attempts to reverse a 25% decline in oil production since 2019, primarily attributed to insufficient investment in mature offshore fields. According to petroleum commission data, Ghana’s existing Jubilee, TEN, and surrounding fields still hold an estimated 640 million barrels of oil and 1.2 trillion cubic feet of gas.
Deputy Minister of Energy and Green Transition Richard Gyan-Mensah told investors that Ghana offers “vast unlicensed offshore blocks” and “farm-in opportunities” to reverse the production slide. Victoria Emeafa Hardcastle, Acting CEO of the Petroleum Commission, revealed that regulatory and fiscal reforms are forthcoming to increase upstream investment attractiveness, including a licensing round to be announced soon.
The exploration push aligns with Ghana’s dual strategy of maximizing existing field production while opening new frontiers. According to the African Energy Chamber, Ghana produced approximately 170,000 barrels of oil per day in early 2023, down from peak production of 214,000 barrels in 2019.
