Ghana Approves Kosmos Energy License Extensions to 2040, Unlocking $2 Billion Investment and Boosting Jubilee & TEN Output
Kosmos Energy has secured parliamentary ratification in Ghana for license extensions covering the West Cape Three Points and Deepwater Tano Petroleum Agreements.
The approvals allow continued operations at the Jubilee and TEN fields through 2040, reinforcing long-term production and investment certainty in the country’s offshore sector.
The extensions are expected to unlock up to $2 billion in incremental investment and enhance domestic gas supply for power generation.
The updated Jubilee field development plan provides for the drilling of up to 20 additional wells, targeting an increase in 2P (proved and probable) reserves and sustained production growth.
At the Jubilee field, the J-74 well commenced production in early January and is currently delivering approximately 13,000 barrels of oil per day (bopd). Gross field output has averaged more than 70,000 bopd so far in February.
The J-75 well, drilled as part of a five-well campaign, encountered approximately 40 meters of net pay and is expected to be brought online by the end of the first quarter.
At the TEN field, partners have executed a sale and purchase agreement to acquire the floating production, storage, and offloading (FPSO) vessel for a total consideration of $205 million, equivalent to roughly $40 million net to Kosmos.
The transaction is anticipated to close by the end of the first quarter of 2027 and is projected to deliver material operating cost reductions beginning in 2026.
Beyond Ghana, Kosmos continues to advance its liquefied natural gas portfolio in West Africa. In Mauritania and Senegal, Phase 1 of the Greater Tortue Ahmeyim (GTA) LNG project shipped 3.5 gross LNG cargoes in January.
Year-to-date production has averaged approximately 2.9 million tonnes per annum (mtpa), exceeding the project’s nameplate capacity of 2.7 mtpa.
On the financing front, Kosmos issued a $350 million Norwegian bond in January. Proceeds included $100 million allocated to partially repay its Reserve Based Lending (RBL) facility, with the balance used to repurchase 2027 senior unsecured notes.
The company also hedged two million barrels of its projected 2027 production, establishing a price floor of $60 per barrel to mitigate commodity price volatility.
