Ghana to Increase Ownership in Jubilee Oilfield as License Extensions Drive New Drilling and Output Growth
Ghana plans to increase its ownership in the Jubilee oilfield under proposed license extensions designed to keep production running into the next decade and counter natural output decline through new drilling activity.
The government has approved extensions to the West Cape Three Points and Deep Water Tano petroleum agreements, which cover the Jubilee and TEN fields.
The decision strengthens Ghana’s direct participation in the offshore assets, which are operated by Tullow Oil in partnership with companies including Kosmos Energy.
Under the revised terms, the licenses would be extended to 2040, subject to parliamentary approval. From July 2036, the Ghana National Petroleum Corporation (GNPC) will acquire an additional 10 percent stake in both the Jubilee and TEN fields, with partner interests diluted proportionally.
The license extensions are tied to an updated Jubilee development plan that предусматривает the drilling of up to 20 new wells.
The program is intended to sustain production, increase recoverable reserves, and enhance Ghana’s long-term revenue from the field.
Kosmos Energy said the extensions are expected to increase proven and probable reserves. According to the company, the revised development plan aims to offset natural decline in the mature asset while delivering incremental value to all stakeholders.
The approvals coincide with renewed drilling activity that is already lifting Jubilee output. The second producer well in the 2025–2026 drilling campaign, known as J-74, has been drilled and completed and is expected to come on stream shortly. The well encountered approximately 50 meters of net pay across three zones.
Early flowback data indicate that J-74 could produce more than 10,000 barrels of oil per day. Once the well is online, total Jubilee production is projected to approach 70,000 barrels per day at the start of 2026, up from around 59,000 barrels per day in the fourth quarter of 2025.
In addition to the two producer wells already completed, partners have approved five more wells for drilling in 2026, including four producers and one injector. Drilling on the next producer well has already begun, supporting efforts to stabilize output and slow production decline.
The revised agreements also improve the outlook for the TEN project. Partners have agreed on final terms to purchase the floating production, storage, and offloading vessel (FPSO) used at TEN when its lease expires in 2027.
Ownership of the FPSO is expected to reduce operating costs and strengthen project economics.
By increasing its equity in Jubilee and TEN, Ghana aims to capture greater value from its offshore oil resources at a time of fiscal pressure.
Longer production lives and higher state participation are expected to boost government revenues during the later stages of the fields’ development.
The license extensions will now be submitted to parliament for approval. If ratified, the new terms will secure Ghana’s role in two of its most important oil-producing assets for the next 15 years.
