London-listed energy firms Tullow Oil and Kosmos Energy have secured a major deal with Ghanaian authorities to extend their licenses on two of the country’s most significant offshore fields — the Jubilee and Twenboa-Enyenra-Ntomme (TEN) projects — through 2040.
According to a joint statement released on Wednesday via the stock exchange, the two companies signed a memorandum of understanding with key local stakeholders, including the Government of Ghana, Ghana National Petroleum Corporation (GNPC), Explorco, and PetroSA. The agreement covers the West Cape Three Points (WCTP) and Deep Water Tano (DWT) blocks.
As part of the deal:
•Up to 20 additional wells will be drilled in the Jubilee field.
•This translates to an estimated $2 billion in local investment over the extended period.
•The partners anticipate a material increase in gross 2P reserves (proven plus probable).
•Gas production will rise to 130 million cubic feet per day from the Jubilee and TEN fields.
•The pricing structure for associated gas at Jubilee will be reduced.
•A gas sales reimbursement mechanism has been agreed to enhance financial sustainability.
While these strategic additions reshape the development outlook of the fields, the remaining terms of the original licenses remain unchanged.
This extension provides a longer-term horizon for Tullow and Kosmos to maximize asset value, expand infrastructure, and deepen energy ties with Ghana — further solidifying West Africa’s position in the global hydrocarbon landscape.
