French oil major TotalEnergies has expressed interest in expanding its footprint in Ghana’s upstream oil and gas sector, with a focus on financing, processing, and marketing opportunities.
This was announced after a meeting on Thursday, March 20, 2025, between the Acting CEO of the Ghana National Petroleum Corporation (GNPC), Kwame Ntow Amoah, and a delegation from TotalEnergies, led by Senior Business Developer Konstantin Bosch, during a courtesy visit to the corporation’s offices in Accra.
The meeting is the latest in GNPC’s ongoing efforts to strengthen partnerships and drive growth in Ghana’s oil and gas industry.
Despite pumping around 160,000 to 170,000 barrels of oil per day (bpd) in 2024, Ghana’s oil players have raised concerns over declining exports and output from mature fields have heightened the need for further exploration and investment.
Since assuming office, President Dramani Mahama has pursued rigorous economic reforms to stabilize an economy that was in decline amid significant energy sector debts, which are projected to reach $9 billion unless urgent measures were taken.
To mitigate the impact of the ongoing energy crisis, the new administration secured $150 million in support from the World Bank.
Also, the government suspended the gold-for-oil program as part of efforts to stabilize the cedi (its local currency) and enhance monetary policy coordination.
Under this barter system, the country’s central bank purchased gold in local currency to pay for petroleum products.
The renewed partnership between GNPC and TotalEnergies (formerly Total), which has been operating in Ghana since the early 1960s, is timely and stands out as one of the few positive developments in the country’s energy sector.
In February, Tullow announced plans to resume drilling in Ghana’s oilfields in May 2025 following the resolution of a long-standing tax dispute with the Ghanaian government.
GNPC and Italian energy giant Eni also strengthened their strategic partnership to expand cooperation and unlock new opportunities in the nation’s oil and gas sector.
This followed an earlier discussion between GNPC and British oil giant Shell, whereby the latter reiterated its commitment to help enhance Ghana’s energy security by focusing on liquefied natural gas (LNG) supply, renewable energy initiatives, and even exploring deepwater oil reserves.
