(WO) – Kosmos Vitality has confirmed that Ghana’s parliament has formally ratified license extensions for the West Cape Three Factors and Deepwater Tano petroleum agreements, securing long-term improvement of the Jubilee and TEN offshore fields by way of 2040.
The extensions are anticipated to help continued funding in Ghana’s upstream sector, together with plans for as much as $2 billion in further capital spending and elevated home fuel provide for energy technology. The amended Jubilee area improvement plan consists of as much as 20 further wells, which Kosmos mentioned ought to contribute to larger reserves and sustained manufacturing development.
Current drilling and manufacturing exercise at Jubilee continues to help output beneficial properties. The J74 nicely, introduced on-line earlier this 12 months, is producing roughly 13,000 bopd, lifting gross Jubilee manufacturing to greater than 70,000 bopd in February. The primary nicely of a five-well 2026 marketing campaign, J75, has been drilled and is predicted to return on-line by the tip of the primary quarter after completion operations.
On the TEN fields, the partnership has signed a sale and buy settlement to amass the floating manufacturing, storage and offloading (FPSO) vessel for about $205 million gross, with closing anticipated in first-quarter 2027. Possession of the FPSO is predicted to cut back working prices starting in 2026.
Kosmos additionally offered an replace on its broader portfolio. In Mauritania and Senegal, Section 1 of the Higher Tortue Ahmeyim (GTA) LNG mission shipped a number of cargoes in January and is producing above nameplate capability, averaging roughly 2.9 MMtpa equal year-to-date.
On the monetary facet, Kosmos lately accomplished a $350-million Norwegian bond providing and used a part of the proceeds to cut back borrowings below its reserve-based lending facility. The corporate has additionally begun hedging a portion of its 2027 oil manufacturing.
Kosmos executives mentioned the Ghana license extensions symbolize a key milestone for the corporate’s long-term place in West Africa and supply higher visibility for future drilling, manufacturing and fuel provide development.
See additionally: Tullow indicators $205-million deal to amass TEN FPSO offshore Ghana
