Explorco reports improved 2025 performance ahead of Voltaian Basin drilling

GNPC Exploration and Production Limited (Explorco) says its financial position improved in 2025 as it prepares for an onshore drilling campaign in the Voltaian Basin in the fourth quarter of 2026.

The company reported growth in revenue and profitability, stronger cash generation and a significant reduction in overall borrowings, according to its Managing Director, Samuel Opoku Arthur.

He disclosed this at Explorco’s first Annual General Meeting (AGM), held at the Accra Marriott Hotel on Tuesday, October 27, 2026.

Mr Arthur said the improved performance provided a stronger financial foundation for future investments, although the company continued to manage outstanding financial obligations and receivables.

He also outlined operational progress across assets in the Jubilee and Tweneboa, Enyenra and Ntomme (TEN) fields, as well as preparations to ensure readiness for the Voltaian Basin drilling campaign.

Explorco’s Board Chairman, Dr Aaron Issa Anafure, said the company’s transition to direct operatorship would require strong technical expertise, disciplined project management, sound procurement practices and effective risk management.

He stressed that safety, accountability and stakeholder trust would be critical to building a credible Ghanaian operator.

Dr Anafure also described the Voltaian Basin project as an opportunity to strengthen national capacity and develop expertise that could shape the future of Ghana’s upstream petroleum industry.

Deputy Minister for Energy and Green Transition Richard Gyan-Mensah said the government expected the company to meet its commitments, including commencing the onshore drilling campaign as scheduled in the fourth quarter of 2026.

He urged Explorco’s leadership to maintain due process and conduct rigorous due diligence throughout the project’s execution.

The meeting brought together board members, executives of parent company Ghana National Petroleum Corporation (GNPC), government officials and industry stakeholders.

Those present included Mr Gyan-Mensah, Dr Anafure, Mr Opoku Arthur and GNPC Chief Executive Officer Kwame Ntow Amoah.

Representatives of the Ministry of Energy and Green Transition, GNPC subsidiaries—including Ghana National Gas Company Limited, Prestea Sankofa Gold Limited and Mole Motel Company Limited—and external auditors Deloitte Ghana also attended.

Explorco is GNPC’s upstream operating subsidiary, responsible for oil and gas exploration and production in Ghana.

At the inaugural AGM, the company reaffirmed its commitment to improving operational efficiency, strengthening local content participation and maintaining high safety standards as it works towards becoming a fully capable and financially disciplined operator.

The planned Voltaian Basin drilling campaign is expected to be a key test of the company’s operational readiness and its ambition to expand Ghanaian participation in upstream petroleum operations.