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 Field and Tweneboa Enyenra Ntomme (TEN) Field until December 31, 2040.

According to the Centre, the decision is expected to unlock approximately $2 billion in new investment in two of Ghana’s most important offshore oil assets.

The extension has been publicly confirmed by operators including Tullow Oil and Kosmos Energy.

In a statement, GIPC said the move sends a strong signal of investor confidence in Ghana’s energy sector and is expected to support continued upstream investment.

The Centre explained that disclosures by the field operators suggest the extension will facilitate additional capital injections into the development of the oil fields.

“This development is an important signal for investor confidence in Ghana’s energy sector, as it unlocks $2 billion in fresh investment in two of Ghana’s most strategic offshore assets,” the statement said.

GIPC noted that the decision will have broader implications beyond oil production, particularly for the investment ecosystem linked to the petroleum sector.

“From an investment promotion standpoint, the extension provides longer-term certainty in a capital-intensive sector where investors require clarity to plan, commit capital and make reinvestment decisions,” it stated.

The Centre further indicated that sustained activity in the petroleum sector will help strengthen Ghana’s foreign exchange earnings and fiscal stability.

“This recovery trajectory is also essential for sustaining the foreign exchange revenues and fiscal stability on which Ghana depends, making the country more predictable and attractive to international investors across all sectors,” the statement added.

GIPC also highlighted stronger national participation under the revised petroleum agreements, noting that the interest of the Ghana National Petroleum Corporation (GNPC) is expected to increase from 2036, alongside revised gas supply arrangements.

“This reinforces local content, technology transfer and long-term national ownership in the sector,” the Centre said.

According to GIPC, continued investment in the energy industry will also create new opportunities across the value chain, including engineering services, marine and logistics support, maintenance, fabrication, technical services and gas-related industrial activities.

The Centre added that a more stable domestic energy outlook would also enhance competitiveness in manufacturing and other productive sectors of the economy.

GIPC said the extension demonstrates Ghana’s commitment to maintaining a stable and predictable regulatory environment for investors.

“For both local and foreign investors, Ghana's petroleum extension demonstrates a government committed to honouring long-term commitments, managing fiscal risks through increased national equity participation and creating a stable regulatory environment,” the statement said.

The Centre reaffirmed its commitment to working with key sector institutions and stakeholders to position Ghana as a competitive destination for responsible long-term investment.