Shell and Chevron sign MoU to explore Eastern Keta Basin

Global energy giants Shell and Chevron have signed a Memorandum of Understanding (MoU) to explore oil and gas opportunities in Ghana’s Eastern Keta Basin. Simon Madjie, the Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), confirmed the development during a recent interview, noting that the entry of these major players represents a significant milestone in the country's efforts to revitalize its upstream petroleum sector. The agreement signals a renewed international confidence in Ghana's offshore acreage, particularly in under-explored regions. In addition to the commitments from Shell and Chevron, Madjie revealed that Brazilian national oil company Petrobras has expressed formal interest in acquiring oil blocks within the country. This surge in interest follows ongoing promotional efforts by GIPA to attract high-tier investors back to the Ghanaian market. The Eastern Keta Basin is viewed by industry experts as a high-potential frontier that could significantly boost the nation’s proven reserves if exploration efforts prove successful. To demonstrate the robust nature of the sector, the GIPA CEO highlighted substantial ongoing investments by established industry players. These include a $2 billion investment commitment from partners in the Jubilee Field and a $1.5 billion investment by ENI. Madjie also touched upon preliminary discussions regarding a possible return of ExxonMobil to the Ghanaian energy landscape, although he suggested that further inquiries regarding those specific negotiations be directed to the relevant petroleum authorities. This influx of interest from Shell, Chevron, and Petrobras aligns with the broader economic goals of the President John Mahama administration to enhance domestic production and energy security. By securing partnerships with diversified global firms, Ghana seeks to strengthen its position as a leading energy hub in West Africa. The next steps will involve technical assessments and further regulatory processes to transition these preliminary agreements into active exploration licenses.