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 and Tweneboa Enyenra Ntomme (TEN) fields to December 31, 2040.

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

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

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In a statement sighted by GhanaWeb Business, GIPC said the extension sends an important signal of investor confidence in Ghana’s energy sector and supports continued upstream investment.

The Centre noted that public disclosures by the operators indicate that the extension will support additional investment in field development.

“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.

According to GIPC, the move has implications not only for oil production but also for the wider investment ecosystem linked to the 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 added that sustained activity in the sector will support 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 noted.

GIPC also highlighted strengthened national participation in the 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 sector is also expected to create additional opportunities across the value chain, including engineering services, marine and logistics support, maintenance, fabrication, technical services and gas-related industrial activity.

“A more stable domestic energy outlook also supports competitiveness in manufacturing and other productive sectors of the economy,” it added.

The Centre 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.

GIPC reaffirmed its commitment to working with sector institutions and stakeholders to promote Ghana as a competitive destination for responsible long-term investment.