Parliament has formally ratified license extensions for Kosmos Energy Ghana, allowing the West Cape Three Points and Deepwater Tano Petroleum Agreements to run through 2040.The decision secures the long-term future of the Jubilee and TEN offshore fields and is expected to unlock up to $2 billion in incremental investment aimed at boosting oil production and strengthening domestic gas supply.
In a statement, Kosmos Energy described the parliamentary approval as a major milestone for Ghana’s upstream petroleum sector, noting that the extended licenses will underpin continued development of the Jubilee and TEN assets.
The extensions cover the West Cape Three Points and Deepwater Tano blocks, which host the prolific Jubilee and TEN oil fields offshore Ghana. With the new timeline stretching to 2040, industry observers say the move provides planning certainty and encourages sustained capital investment in the mature but high-potential fields.
Kosmos indicated that the ratification creates a stable contractual framework for continued exploration, drilling and facility upgrades, while enhancing Ghana’s ability to attract fresh offshore investment. The company estimates that up to $2 billion will be injected into the sector under the extended agreements.
Jubilee Expansion and Production Growth
Central to the development program is the Jubilee Field, one of Ghana’s flagship offshore assets. As part of the amended plan of development, up to 20 additional wells are expected to be drilled, with a corresponding increase in 2P reserves.
Recent operational updates point to rising output. The J74 well, which came onstream in early January, is producing approximately 13,000 barrels of oil per day. As a result, average gross Jubilee production has exceeded 70,000 barrels per day in February 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. It is expected to come onstream before the end of the first quarter.
TEN Fields and FPSO Acquisition
In the TEN fields, partners have signed a sale and purchase agreement to acquire the floating production, storage and offloading (FPSO) 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 is projected to reduce operating costs from 2026 onward by enhancing infrastructure ownership and improving cost control.
Leadership Reacts
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy, described the ratification as an important milestone for both the company and Ghana. He said Jubilee remains a world-class oil field with significant remaining potential, adding that continued investment and advanced seismic technologies will unlock further value.
With Jubilee production surpassing 70,000 barrels per day and other international assets performing strongly, Kosmos reported record overall output. The company said improved performance and financial progress have strengthened its resilience and positioned it for long-term value creation.
The extended agreements are seen as reinforcing confidence in Ghana’s offshore petroleum sector, anchoring development plans through 2040 and supporting the country’s broader energy security and economic growth objectives
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