Global energy companies Shell and Chevron have signed a memorandum of understanding (MoU) to explore opportunities in Ghana’s Eastern Keta Basin, Ghana Investment Promotion Authority (GIPA) Chief Executive Officer Simon Madjie has disclosed.

The development comes as Brazil’s state-owned oil company Petrobras is also reported to have expressed interest in Ghana’s oil acreage and blocks, signalling renewed interest in the country’s petroleum sector.

Speaking on Joy News’ PM Express Business Edition on Thursday October 8, 2026, Madjie said Shell and Chevron had signed the agreement during the recent Africa Oil Week to assess opportunities in the Eastern Keta Basin.

Minerals Commission halts Goldcoast GRC activities over environmental concerns

“But what we all know is that at Africa Oil Week, Chevron and Shell signed an MOU to look at work in the Eastern Keta Basin. So that's ongoing,” he said.

Madjie also highlighted Petrobras’s reported interest in Ghana’s oil resources, pointing to the potential for further activity in the sector.

“We also saw the interest of Petrobras announced in the newspapers, you know, to really look at some of the acreages and blocks that the country has,” he added.

The GIPA chief executive said these developments were taking place alongside major investment plans by companies already operating in Ghana’s oil industry.

Madjie also cited plans by the partners in the Jubilee field to invest $2 billion and drill 20 wells as evidence of continued investment activity in Ghana’s upstream petroleum sector.

He also referenced a $1.5 billion investment announcement by Italian energy company Eni and its partners.

“And so there's a lot of activities within that space. I'm sure folks at the Petroleum Commission will give you a lot more technical details,” he said.

His comments indicate a combination of prospective interest in Ghana’s oil acreage and planned investments by existing operators, although further technical details on the activities involving Shell and Chevron were not provided.

Madjie was also asked about the possibility of US oil major ExxonMobil returning to Ghana’s petroleum sector.

He however acknowledged that discussions had taken place but said he could not disclose further information about the matter.

“I knew that there were some talks for them to come back. It's not something that can be disclosed now,” he said.

He then referred questions about the possible return to the Minister of Energy and the Petroleum Commission, which oversee key aspects of the sector.

MA

Inside Ghana’s Abandoned Engineering Powerhouse: What Went Wrong?