Kosmos Energy has reported an increase in Jubilee 1P and 2P reserves, reinforcing the long-term production outlook of Ghana’s flagship offshore oil field following recent license extensions and expanded drilling activity.
In its Fourth Quarter 2025 and Post Quarter End Highlights, Kosmos Energy confirmed that it has realized higher proved (1P) and proved plus probable (2P) reserves at the Jubilee Field as part of an amended development plan tied to licenses that now extend to 2040.
The reserves upgrade comes amid steady production performance and new well additions across the company’s Ghana portfolio.
Steady Production in Fourth Quarter
Kosmos disclosed that “production in Ghana averaged approximately 31,100 barrels of oil equivalent per day (boepd) net in the fourth quarter of 2025.” The company lifted two cargos from Ghana during the quarter and expects a third cargo to be lifted in early 2026.
At the Jubilee Field, where Kosmos holds a 38.6 percent working interest, oil production averaged approximately 59,100 barrels of oil per day (bopd) gross during the fourth quarter. The company said the performance was consistent with expectations of a slowing base decline of about five percent quarter over quarter.
The figures reflect stable operations at one of Ghana’s most strategic offshore assets, which has been a major contributor to national crude output since first oil.
Kosmos highlighted progress in its ongoing 2025/26 Jubilee drilling campaign. The second producer well of the program, J74, came online in early January and has now fully ramped up.
The company reported that gross daily production from J74 stands at roughly 13,000 barrels of oil per day. As a result, average gross Jubilee oil production rose to over 70,000 bopd in February, aligning with company expectations.
The first of five planned wells for 2026, J75, has already been drilled and encountered approximately 40 meters of net pay. Kosmos indicated that J75 will be completed in three zones, similar to earlier wells J74 and J72, and is expected to come online around the end of the first quarter.
After J75, the company expects to bring four additional wells online in 2026, including three producer wells and one water injector well. The expanded drilling program forms part of the revised development strategy underpinning the reserves increase.
Gas Output Remains Stable
Beyond oil production, Kosmos reported that Ghana gas production net to the company averaged approximately 6,500 boepd in the fourth quarter of 2025, in line with expectations.
The anticipated rise in gas volumes under the amended development plan is expected to support domestic power generation, a critical priority for Ghana’s energy security and industrial growth.
At the TEN Field, where Kosmos holds a 20.4 percent working interest, oil production averaged approximately 15,100 bopd gross in the fourth quarter, meeting company forecasts.
In February 2026, the TEN partnership finalized a sale and purchase agreement to acquire the TEN Floating Production Storage and Offloading (FPSO) vessel at the end of its current lease.
Kosmos said the transaction is expected to significantly reduce operating costs and positively impact leverage beginning in 2026 and beyond.
The acquisition marks a strategic shift toward greater operational efficiency and cost control at the TEN asset.
License Extensions to 2040
A major milestone underpinning the reserves growth was the formal ratification by Ghana’s Parliament of license extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, which cover both the Jubilee and TEN fields.
The extensions, approved by government in December and ratified in February, secure the licenses through 2040. Kosmos emphasized that the extended tenure provides long-term certainty for investment planning and field development.
According to the company, the license extensions will bring key benefits to Ghana, including up to $2 billion in incremental investment by the partnership and higher volumes of affordable gas for domestic power generation.
Kosmos stated that it played a leading role in progressing, negotiating and executing the extension agreements, positioning the assets for sustained production growth.
For Ghana, the development represents more than a technical adjustment. Increased reserves strengthen revenue projections, support foreign exchange inflows and enhance the country’s standing as a stable offshore producer.
With licenses secured to 2040, new wells scheduled for commissioning, and cost efficiencies expected at TEN, Kosmos and its partners appear positioned for a new phase of investment and output optimization in Ghana’s upstream petroleum sector.
The realization of higher Jubilee 1P and 2P reserves underscores the strategic importance of sustained capital investment, regulatory stability and long-term field management in maintaining Ghana’s offshore energy growth trajectory.
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