Oil majors are responding to Ghana’s encouraging invitation to invest in the upstream”, Shell Ghana’s chief executive, Brian Mariuki, told Africa Oil+Gas Report.
“But the time that Ghana has is short”.
On September 1, 2026, the UK major, along with its American counterpart, Chevron, signed a non-binding preliminary agreement to acquire production rights for the South Deepwater Tano Cape Three Points (SDTCTP) block, a large tract covering approximately 3,482 square in 2,000 to 3,500 metre water depth. The SDTCTP houses an existing discovery, Nyankom, and was relinquished by AGM Petroleum in 2023.
The two companies are currently negotiating final license terms with the government, after which the operator will be decided.
Mr Mariuki is hoping that the timeline for reaching Petroleum Agreement can be fast tracked to below six months.
Mariuki acknowledged Africa Oil+Gas Report’s earlier story that Shell had shown some interest in Tullow Oil’s assets (Jubilee and TEN fields in the Deepwater Tano and West Cape Three Points), but he indicated that “the materiality” of the property was not worth the UK major’s time.
Shell cannot yet get on board the development of the Pecan field in Deepwater Tano Cape Three Points (DWT/CTP) block, operated by Pecan Energies (50%), as long as (the Russian player) Lukoil was involved, because of US sanctions. But Mariuki indicated that the government was looking for a way to handle the issue. The impression is that Final Investment Decision may be on hold for a little while more.
The Kenyan national, who has been with Shell for about 20 years, credits the current Ghanaian government for the renewed interest being shown by investors. “This didn’t happen for a long time”.
The Ghanaian government has proposed reducing state hydrocarbon company GNPC’s free carried state stake from 15% to 10% for new upstream projects. This policy shift requires a parliamentary amendment to Act 919.
