Shell and Chevron sign MoU to explore Ghana's Eastern Keta Basin

Shell and Chevron have signed a Memorandum of Understanding (MoU) with the government of Ghana to explore oil and gas opportunities in the Eastern Keta Basin. The announcement was made by Simon Madjie, the Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), during an interview on Joy News’ PM Express Business Edition. This strategic move marks a significant expansion of international interest in Ghana’s upstream petroleum sector as the country seeks to unlock new offshore resources.

In addition to the exploration agreement with Shell and Chevron, the petroleum sector is seeing substantial capital commitments from existing major players. Mr. Madjie revealed that the Jubilee partners have committed $2 billion toward a drilling program involving 20 new wells, while ENI and its partners have pledged an additional $1.5 billion. These investments, totaling $3.5 billion, represent a major boost for the national economy and indicate sustained confidence in the industry’s growth potential under President John Mahama’s administration.

The GIPA CEO also highlighted growing interest from other global energy entities, noting that Brazil’s Petrobras has expressed interest in Ghana’s available oil blocks. Furthermore, discussions are currently underway regarding a potential return of ExxonMobil to the Ghanaian market. While Madjie confirmed that talks with ExxonMobil are happening, he declined to provide specific details or timelines, suggesting that further technical inquiries should be directed to the Ministry of Energy and the Petroleum Commission.

This wave of investment and exploration activity reflects a renewed effort to optimize Ghana’s oil and gas production. The Eastern Keta Basin is particularly targeted as a frontier region with high resource potential. As Shell and Chevron begin their preliminary work under the new MoU, the government remains focused on creating a stable investment climate to ensure these high-value projects translate into long-term energy security and economic development for the nation.