Kosmos Energy has announced significant progress across its Ghana operations, highlighting rising oil production at the Jubilee Field, extended petroleum agreements, and strategic plans to reduce costs at the TEN Field.
The updates were contained in the company’s latest operational and financial briefing, which outlined key developments expected to shape Ghana’s offshore oil sector in 2026 and beyond.
The company said activity at the Jubilee Field continues to deliver results in line with expectations, reinforcing the asset’s role as a cornerstone of Ghana’s petroleum industry.
“In Ghana, the second producer well (J-74) in the 2025–2026 Jubilee field development campaign has been successfully drilled and completed, and is expected online shortly.”
Kosmos Energy
According to the company, the well encountered around 50 metres of net pay, consistent with pre-drill expectations.
The J-74 well has been completed across three zones, similar to the earlier J-72 well that began producing in the summer of 2025. Based on initial flowback results, Kosmos expects production from J-74 to exceed 10,000 barrels of oil per day.
With J-74 online, Jubilee is projected to start 2026 producing nearly 70,000 barrels of oil per day on a gross basis. This represents a notable uplift from average gross production of approximately 59,000 barrels per day recorded in the fourth quarter of 2025, a performance Kosmos said aligns with expectations of a slowing base decline rate of about five per cent quarter-on-quarter.
Expanded Drilling Programme Approved for 2026
Beyond the two producer wells already delivered, Kosmos confirmed that the Jubilee partnership has approved further drilling activity in 2026.
The programme includes four additional producer wells and one injector well, aimed at sustaining production and optimizing reservoir performance.
“In addition to the J-72 and J-74 producer wells, the partnership has approved an additional five wells… and drilling of the next producer has commenced.”
Kosmos Energy
The expanded campaign underscores the long-term commitment of the Jubilee partners to maximizing recovery from the field, while also supporting Ghana’s oil revenues and production stability.
Kosmos also reported a major regulatory milestone with the approval of license extensions for its West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover the Jubilee and TEN fields.
The company said government approval was granted in late December, with the agreements now submitted to Parliament for formal ratification. Once ratified, the licenses will be extended to 2040, providing long-term certainty for operators and the state.
“As part of the extension of the Petroleum Agreements, the Jubilee plan of development has been amended to include up to 20 additional wells in the field.”
Kosmos Energy
The company added that the extensions are expected to result in an increase in its proved and probable (2P) reserves.
Under the revised terms, Ghana National Petroleum Corporation’s stake in the fields will increase by an additional 10 per cent from July 2036, with the joint venture partners’ interests adjusted on a pro rata basis.
The change reinforces Ghana’s long-term participation in the assets while maintaining incentives for continued investment.
TEN FPSO Acquisition to Cut Costs
In a further boost for Ghana’s offshore sector, Kosmos announced progress toward acquiring the floating production, storage and offloading vessel serving the TEN Field.
The partnership has agreed on final sale and purchase terms to acquire the TEN FPSO at the end of its current lease in 2027. “We expect the final agreed Sale and Purchase Agreement to be executed early in 2026,” the company said.
Kosmos explained that transitioning the FPSO to partnership ownership is expected to significantly reduce operating costs at TEN. Lower costs would, in turn, improve the company’s financial leverage in 2026 and enhance the long-term economics of the field.
Taken together, the developments outlined by Kosmos point to a period of renewed momentum for Ghana’s offshore oil industry. Increased production at Jubilee, a larger drilling inventory, extended license tenure, and cost efficiencies at TEN all support sustained output and investment.
For Ghana, the updates signal continued production stability, rising reserves potential, and deeper local participation through GNPC’s increasing stake over time.
As the Jubilee and TEN fields move into their next development phase, Kosmos’ latest report highlights the strategic importance of these assets to both the company and the national economy.
READ ALSO: One Year in Office: Mahama Says Foundations Laid for Sustainable National Progress
