The Ghana Investment Promotion Centre (GIPC) has welcomed Parliament’s ratification of the extension of the West Cape Three Points and Deepwater Tano petroleum agreements covering the Jubilee and Tweneboa Enyenra Ntomme (TEN) fields to December 31, 2040.

The extension, publicly confirmed by operators Tullow Oil and Kosmos Energy, is expected to unlock approximately $2 billion in fresh investment in two of Ghana’s most strategic offshore assets.

According to public disclosures by the operators, the extended agreements will sustain upstream petroleum activities, including additional investment in field development.

This is anticipated to support production levels while strengthening the broader investment ecosystem linked to the energy sector.

From an investment promotion perspective, GIPC noted that the extension provides the long-term certainty required in a capital-intensive industry where investors rely on regulatory clarity to plan and commit capital.

The Centre also highlighted the broader macroeconomic implications, stating that sustained upstream activity is vital for foreign exchange earnings and fiscal stability—factors that enhance Ghana’s attractiveness to international investors across sectors.

GIPC further referenced public disclosures indicating increased long-term national participation, with the Ghana National Petroleum Corporation (GNPC) set to see its interest rise from 2036, alongside revised gas supply arrangements for the extended period.

This, the Centre noted, strengthens local content, technology transfer and long-term national ownership within the petroleum industry.

The continued investment is also expected to generate opportunities across the value chain, including engineering services, marine and logistics support, fabrication, maintenance, technical services and gas-related industrial activity.

A more stable domestic energy outlook is projected to enhance competitiveness in manufacturing and other productive sectors.

GIPC reaffirmed that the extension signals Ghana’s commitment to honouring long-term agreements, managing fiscal risks through increased national equity participation and maintaining a stable regulatory environment.

The Centre pledged to continue working with sector institutions and stakeholders to promote Ghana as a competitive destination for responsible, long-term investment while deepening local linkages and value creation across the economy.