Kosmos Energy has announced that Ghana’s Parliament has ratified licence extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, securing the future of the Jubilee and TEN fields through to 2040.
The approval, confirmed in a statement from Dallas, extends production rights for two of Ghana’s flagship offshore assets and is expected to unlock up to $2 billion in additional investment in the country’s upstream petroleum sector. The agreements are also projected to enhance affordable gas supply for domestic power generation, strengthening national energy security.
Kosmos said it played a leading role in negotiating and executing the extensions with the Government of Ghana. Under the amended Jubilee plan of development, up to 20 additional wells are slated for drilling, a move expected to boost proven and probable (2P) reserves.
Operational performance at the Jubilee Field is already improving. The J74 well, brought on stream in early January, is producing about 13,000 barrels of oil per day, pushing average gross output beyond 70,000 barrels per day in February, in line with projections. The J75 well, the first in a planned five-well 2026 campaign, has also been successfully drilled, encountering approximately 40 metres of net pay and is expected online by the end of the first quarter.
At the TEN Fields, partners have signed a sale and purchase agreement to acquire the floating production, storage and offloading vessel for $205 million gross, about $40 million net to Kosmos. Completion is expected by the end of the first quarter of 2027, with cost savings anticipated from 2026.
Beyond Ghana, the company reported strong output from the Greater Tortue Ahmeyim LNG project, where Phase One shipped 3.5 cargoes in January and production is averaging 2.9 million tonnes per annum equivalent, above its 2.7 mtpa nameplate capacity.
On the financial front, Kosmos completed a $350 million Norwegian bond in January. Proceeds included $100 million to repay Reserve Base Lending debt, with the balance earmarked to repurchase 2027 senior unsecured notes. The company has also hedged two million barrels of its 2027 production at a floor price of $60 per barrel.
Chairman and CEO Andrew G. Inglis described the parliamentary ratification as a milestone for Ghana, stating that sustained investment and drilling at Jubilee, alongside strong LNG performance, have lifted Kosmos’ total production to record levels and strengthened the company’s long-term outlook.
