Parliament has ratified a Memorandum of Understanding (MoU) between government, Ghana National Petroleum Commission (GNPC) and other contractor parties to extend the West Cape Three Points (WCTP) and Deepwater Tano (DWT) petroleum agreements respectively from 2034 and 2036 to December 31, 2040.
The agreements include a commitment of US$2 billion of additional investments into the two contract areas, which will include the drilling of at least 10 and up to 20 new wells with the development of necessary subsea infrastructure to support continued oil and gas production in the Jubilee and TEN Fields.
Government has justified the agreements on the grounds of safeguarding continuity of upstream petroleum operations and sustaining production in mature fields.
Continuity under the current arrangements will minimise transition risks, preserve institutional memory and prevent disruptions in production that could arise from premature licence termination or operator replacement.
During a debate on the floor of Parliament on Thursday, February 19, 2026, the Minority MPs cautioned against any action that would open the floodgates for other companies to seek security in agreements signed with the state.
The New Patriotic Party (NPP) members also questioned the early extension of the agreements, arguing there is still enough time left for the existing terms of agreements.
Master Gas Agreement
The House also approved the extension of a master gas agreement between the state, GNPC and other contractor parties.
The implementation of the framework will, among other benefits, reduce gas price by 18%, increase gas volumes from 100 mmscid to 130 mmscid with the potential of adding another 50 mmscfd, increase GNPC’s interest by an additional 10% in each PA, and improve GNPC’s capacity to systematically take over operations and build the capacity of other institutions within the sector.
