What is the significance of the non-binding agreement signed by Shell and Chevron with Ghana's National Petroleum Corporation?

The non-binding memorandum of understanding (MoU) signed by Shell and Chevron with Ghana National Petroleum Corporation (GNPC) concerns the acquisition of production rights over Ghana's South Deepwater Tano Cape Three Points oil and gas block; it establishes a framework for further negotiations on final license terms and is subject to relevant approvals, reflecting Ghana's broader effort to attract investment and reverse declining oil output.

What upstream petroleum sector reforms is Ghana's government currently proposing?

Ghana's government is conducting a comprehensive review of its legal and fiscal framework for upstream petroleum activities, proposing reforms that include reducing GNPC's initial carried interest in upstream projects from 15% to 10%, introducing a simpler tax regime, and adopting differentiated royalty treatment based on water depths.

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Chevron, Shell sign preliminary agreement with Ghana as country reviews oil and gas sector

Sep 3, 2026

Chevron and Shell signed a preliminary agreement to acquire production rights over Ghana's South Deepwater Tano Cape Three Points block. This investment aims to support Ghana's efforts to reverse declining oil output amid ongoing fiscal framework reviews.

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