Ghana’s parliament has approved extensions to Kosmos Energy’s licences for the Jubilee and TEN oilfields – two of the country’s most strategic energy assets – through to 2040, the company said on Friday.
The extensions are expected to deliver up to USD 2 billion in new investment and increased volumes of domestic gas for power generation. Kosmos said the amended Jubilee development plan will include up to 20 new wells, boosting 2P reserves. Gross output at the field reached over 70,000 bopd in February following strong results from the J74 well.
At the TEN fields, the partners signed a deal to acquire the FPSO for USD 205 million, cutting operating costs from 2026. In Mauritania and Senegal, Phase 1 of the GTA LNG project shipped 3.5 cargoes in January and is producing 2.9 million tonnes per year, above nameplate capacity.
Kosmos also completed a USD 350 million Norwegian bond in January, using USD 100 million to reduce RBL facility debt. The company began hedging 2027 output, with 2 million barrels locked at a USD 60 floor.
Parliamentary ratification of the licence extensions in Ghana marks an important milestone for the country,” Kosmos Energy chairman and chief executive officer Andrew G. Inglis said. “Jubilee is a world‑class oil field with significant remaining potential that can be unlocked through continued investment.”
Kosmos opened Ghana’s Tano Basin with the 2007 discovery of the Jubilee field, which spans the West Cape Three Points and Deepwater Tano blocks. First oil came in late 2010, just three and a half years after discovery, marking one of the fastest deepwater FPSO developments globally. The field’s success de-risked further exploration in the basin.
The adjacent TEN oilfields – Tweneboa, Enyenra and Ntomme – were discovered between 2009 and 2012 and began production in 2016 via an FPSO. Kosmos holds a 38.61% interest in Jubilee and 20.38% in the TEN project, alongside Tullow Oil, GNPC, Petro SA and others.
Kosmos Energy is a deepwater E&P company with assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of Mexico. It is advancing new developments in proven basins and is listed on the NYSE and LSE under the ticker KOS.