Kosmos Energy Ghana license extensions have been formally ratified by Parliament, paving the way for the West Cape Three Points and Deepwater Tano Petroleum Agreements to run until 2040.
The move secures the long-term future of the Jubilee and TEN fields and unlocks up to $2 billion in incremental investment aimed at boosting production and strengthening domestic gas supply.
In a statement, Kosmos Energy confirmed that “the extended licenses will underpin continued development of the Jubilee and TEN assets”, describing the parliamentary approval as a “major milestone for Ghana’s upstream petroleum sector.”
The license extensions cover the West Cape Three Points and Deepwater Tano Petroleum Agreements, which include the prolific Jubilee and TEN oil fields offshore Ghana.
With the new timeline stretching to 2040, industry stakeholders expect improved planning certainty and sustained capital investment in the mature but high-potential fields.
“Kosmos is pleased to have played a leading role in progressing, negotiating and executing these extensions.”
Kosmos Energy
The ratification provides a stable contractual framework for continued exploration, drilling, and facility upgrades, while enhancing Ghana’s ability to attract fresh capital into its offshore petroleum sector.
$2 Billion Investment and Affordable Gas Supply
Kosmos highlighted that the extended agreements will deliver “up to $2 billion in incremental investment” into Ghana’s oil and gas industry.
The capital injection is expected to fund additional drilling campaigns and subsea infrastructure to sustain production over the next decade and beyond.
Beyond oil output, the company emphasized the significance of higher volumes of affordable gas from the fields to support domestic power generation.
Reliable gas supply remains central to Ghana’s energy security strategy, particularly as the country seeks to stabilize electricity generation costs.
The investment package aligns with national efforts to balance hydrocarbon development with broader economic priorities, including energy affordability and industrial growth.
Jubilee Field Expansion and Rising Output
At the heart of the development program is the Jubilee field, one of Ghana’s flagship offshore assets.
“As part of the extensions, the amended Jubilee plan of development will include up to 20 additional wells in the field,” the company noted, adding that it expects to realize an increase in Jubilee 2P reserves as a result.
Recent operational updates underscore the field’s momentum. The J74 well, which came online in early January, is now fully ramped up, delivering approximately 13,000 barrels of oil per day.
This has pushed average gross Jubilee oil production to over 70,000 barrels per day in February month-to-date.
The first well in the 2026 five-well drilling campaign, J75, has already been drilled and encountered around 40 meters of net pay.
Expected to be completed in three zones, similar to earlier wells, J75 is projected to come online before the end of the first quarter, further supporting output growth.
TEN Fields and FPSO Acquisition
In the TEN fields, the partnership has moved to strengthen operational efficiency through a strategic acquisition.
Kosmos revealed that a sale and purchase agreement has been signed to acquire the floating production, storage and offloading vessel for a gross consideration of $205 million, with approximately $40 million net to Kosmos. Completion is expected by the end of the first quarter of 2027.
The acquisition of the FPSO is anticipated to generate material operating expense reductions from 2026 onward. By gaining ownership of critical infrastructure, the partners aim to enhance cost control and long-term asset reliability.
The TEN development, operated in partnership with Ghana National Petroleum Corporation and other stakeholders, remains a significant contributor to Ghana’s offshore output.
Record Production
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy, described the parliamentary approval as a landmark achievement.
“Parliamentary ratification of the license extensions in Ghana marks an important milestone for the country, and Kosmos is proud to have led the work with the Government of Ghana to execute these agreements.”
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy
He characterized Jubilee as “a world-class oil field with significant remaining potential,” noting that continued investment, regular drilling, and high facility reliability, supported by advanced seismic technologies will unlock further value.
Inglis added that as Jubilee production rises and the broader portfolio strengthens, the company’s overall performance is improving.
With Jubilee output exceeding 70,000 barrels per day and other international assets performing strongly, Kosmos reported that its total production has reached record levels.
“This improved performance, combined with the financial progress we are making, strengthens the resilience of the company and ensures we are well positioned to create long-term value for our shareholders.”
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy
The extended agreements signal renewed confidence in Ghana’s offshore petroleum industry.
For Kosmos and its partners, the focus now shifts to executing the expanded drilling program and delivering the projected economic benefits.
For Ghana, the ratification represents both stability and opportunity, anchoring the country’s hydrocarbon future through 2040 while reinforcing its role as a key energy producer in West Africa.
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