West Africa’s two largest oil producers are accelerating upstream investment programs, with Ghana securing a $3.5 billion capital drive and Nigeria reporting $24 billion in fresh inflows following sweeping sector reforms.
Ghana’s Offshore Revival
Under Energy and Green Transition Minister John Abdulai Jinapor, Ghana secured a $3.5 billion investment commitment in early 2026 involving the Jubilee/TEN and Offshore Cape Three Points partnerships, aimed at revitalising production and expanding reserves through coordinated upstream development.
Beyond hydrocarbons, Ghana is simultaneously pressing ahead on energy transition fronts. Plans are in place to procure 200 MW of battery energy storage systems to stabilise the grid and better integrate renewable generation, complemented by the Scaling-Up Renewable Energy Program targeting off-grid communities. Ghana is also advancing nuclear power studies, with the International Atomic Energy Agency completing a safety review in 2025 of candidate sites for the country’s first nuclear power station.
Nigeria’s $24 Billion Investment Surge
Nigeria’s upstream sector has attracted over $24 billion in capital investment following targeted interventions by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), according to NNPC Ltd Group CEO Bashir Bayo Ojulari, speaking at the 2026 Oloibiri Lecture and Energy Forum in Abuja. Ojulari credited reforms that addressed legacy asset disputes and unlocked stalled Final Investment Decisions.
NUPRC Chief Executive Oritsemeyiwa Eyesan stressed that production growth will require agile regulatory frameworks that attract investment, enable digital oilfields, and drive sustainable value creation. Nigerian Midstream and Downstream Petroleum Regulatory Authority CEO Saidu Mohammed echoed the need for strong financing and advanced technology to achieve Nigeria’s 3 million barrels per day oil and 22 BCF gas targets.
Society of Petroleum Engineers Nigeria Council Chairman Francis Nwaochei framed the forum as a defining moment: “The future of our industry will not be determined by the volume of resources we extract, but by the intelligence with which we manage them.”
Sources: worldoil.com, orientalnewsng.com