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Simon Madjie confirms talks on ExxonMobil return to Ghana
•2 min read•1 source
Simon Madjie, the Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), has confirmed that discussions are currently taking place regarding the potential return of ExxonMobil to Ghana’s petroleum sector. This move signals a possible reversal of the oil giant's 2021 decision to exit the country, a period during which it relinquished its interest in the Deepwater Cape Three Points (DWCTP) block. While the confirmation of talks suggests a renewed interest in Ghana's offshore resources, the specific terms and progress of these negotiations remain confidential at this stage.
During an appearance on Joy News’ PM Express Business Edition, Madjie acknowledged the high-level engagement but deferred further inquiries to the sector's primary regulators. He stated that while GIPA is aware of the ongoing dialogue, the Ministry of Energy and the Petroleum Commission are the appropriate bodies to provide technical details and official updates on the status of the discussions. His comments were framed within a broader discussion about the state's efforts to attract global capital into the energy sector following the recent change in administration.
The GIPA CEO also pointed to a wider trend of international oil companies (IOCs) re-evaluating opportunities within Ghana. Madjie highlighted that other major firms, including Chevron and Shell, have recently signed Memoranda of Understanding (MOUs) with the government. Furthermore, he noted that existing players like Eni and the Jubilee partners—comprising Tullow Oil and Kosmos Energy—continue to execute significant investment programmes. These developments collectively indicate a strengthening of investor confidence in Ghana's upstream oil and gas industry.
Securing the return of a company with the technical and financial scale of ExxonMobil would be viewed as a significant strategic development for Ghana’s energy policy. The government’s ability to attract such "super-majors" is seen as crucial for unlocking deep-water reserves that require substantial capital and advanced technology. As talks continue, industry observers are closely watching for definitive agreements that could lead to new exploration activities and a long-term boost in national oil production levels.
