GNPC Records US$1.64bn Revenue as Corporation Steps Up Efforts to Reverse Production Decline
Accra, August 12, 2026 – The Ghana National Petroleum Corporation (GNPC) recorded Group revenue of US$1.64 billion in 2025, representing a 3.66 per cent increase over the previous year, as the Corporation intensified efforts to address declining national oil production and bring new petroleum resources into development.
The performance was highlighted at GNPC's 3rd Annual General Meeting held at the Labadi Beach Hotel in Accra under the theme “40 Years of Resilience.”
GNPC's performance came against a background of a difficult year for Ghana's upstream petroleum sector, which recorded a fifth consecutive year of crude oil production decline and subdued investor activity.
Despite these conditions, average daily crude oil production from the Jubilee, TEN, and Sankofa Gye Nyame fields stood at 102,199 barrels per day while gas exports for domestic use reached approximately 336 million standard cubic feet per day, exceeding the annual target of 325 MMscf/d.
Gas also continued to strengthen its contribution to GNPC's financial performance. Gas revenue rose to US$952.38 million, accounting for 65.6 per cent of the Corporation's standalone revenue, while profit after tax increased at both standalone and Group levels.
Chief Executive, Mr Kwame Ntow Amoah, said targeted interventions undertaken during the year had begun to slow the steep decline in production.
“In the second half of the year, the results of our interventions began to show: a precipitous decline had been averted.”
He said GNPC's response in 2025 focused on stabilising production, deepening gas commercialisation, advancing exploration, and strengthening operatorship capability.
Beyond immediate production interventions, GNPC and its partners, under the direction of the Ministry of Energy and Green Transition, negotiated extensions to three major Petroleum Agreements covering Deepwater Tano, West Cape Three Points, and Offshore Cape Three Points, unlocking a total of US$3.5 billion in investment over the next three years.
The Corporation also progressed efforts to bring additional resources into production. The declaration of commerciality for the Eban-Akoma discoveries in Cape Three Points Block 4 moved the discoveries into development planning, as the technical work and preparations continued towards drilling an exploration well in the Voltaian Basin in the fourth quarter of 2026.
GNPC Board Chairman Prof. Joseph Oteng-Adjei said the Board remained focused on positioning the Corporation for its next phase of growth, with attention on arresting oil production decline, accelerating gas commercialisation, attracting new upstream investment, and progressing exploration activities in the Voltaian Basin.
“These strategic initiatives are essential to strengthening Ghana's energy security and sustaining the long-term growth of the petroleum sector,” he said.
Addressing the AGM, the Minister for Energy and Green Transition, Hon. Dr John Abdulai Jinapor, commended GNPC's performance and said the results showed that stronger commercial discipline could deliver results even under difficult market conditions.
“The financial performance of GNPC in 2025 provides evidence that stronger commercial discipline can deliver results even under adverse market conditions.”
Group profit after tax increased by 24.88 per cent to US$374.99 million, despite GNPC's achieved crude oil price declining from US$81.15 per barrel to US$69.47 per barrel. The Minister called on the Corporation to consolidate the improvement through disciplined capital allocation, rigorous cost management, stronger project controls, and improved revenue collection.
Dr Jinapor said Government would work with GNPC, the Petroleum Commission, and industry operators to accelerate field development, appraisal, and exploration; improve the pace of approvals; address infrastructure bottlenecks; and create a more predictable investment environment.
“Our policy objective must be to move discovered resources into production faster while creating the conditions for discoveries.”
He also indicated Government's intention to review Ghana's petroleum fiscal framework to reflect changing global industry conditions and strengthen the country's competitiveness for upstream investment.
Looking ahead, GNPC's focus is on restoring production growth, expanding gas commercialisation, accelerating operatorship capability, and unlocking new resources as it works to build a stronger and more resilient National Oil Company.