Kosmos Energy has reported that the Ghanaian parliament has ratified licence extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements.
The licences cover the Jubilee and TEN oilfields, and will allow production activities to continue until 2040.
Kosmos stated that these arrangements are expected to attract up to $2bn in additional investment and increase domestic gas supply for power generation.
According to Kosmos, the amended development plan for the Jubilee field will see the drilling of up to 20 further wells, which is expected to increase the company’s proved + probable (2P) reserves.
Kosmos chairman and CEO Andrew Inglis said: “Parliamentary ratification of the licence 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.
“Jubilee is a world-class oilfield with significant remaining potential that can be unlocked through continued investment, regular drilling and high facility reliability, supported by the latest seismic acquisition and processing technologies.”
Operational developments at Jubilee include the J74 well, which came on stream in January 2026 and is now producing approximately 13,000 barrels of oil per day (bopd). This has lifted average gross production at Jubilee to more than 70,000bopd in February so far, in line with company forecasts.
The first well in a planned five-well campaign for 2026, J75, has encountered around 40m of net pay. Kosmos plans to complete this well across three zones, targeting initial production by the end of the first quarter.
At the TEN fields, Kosmos and its partners signed a sale and purchase agreement this week to acquire the floating production, storage and offloading (FPSO) vessel. The acquisition cost is $205m, of which approximately $40m is attributable to Kosmos.
Payment will be made at completion scheduled by the end of March 2027. The company anticipates that ownership of the FPSO unit will help reduce operating expenses from 2026 onwards.
In Mauritania and Senegal, phase one of the Kosmos-bp partnership’s Greater Tortue Ahmeyim (GTA) liquefied natural gas project shipped 3.5 cargoes in January. Year-to-date production from GTA has averaged around 2.9 million tonnes per annum, slightly above nameplate capacity.
Inglis said: “With Jubilee output exceeding 70,000bopd and GTA producing above nameplate capacity, Kosmos’ 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.”
