(WO) – Kosmos Power 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 growth of the Jubilee and TEN offshore fields by means of 2040.
The extensions are anticipated to assist continued funding in Ghana’s upstream sector, together with plans for as much as $2 billion in further capital spending and elevated home gasoline provide for energy era. The amended Jubilee subject growth plan consists of as much as 20 further wells, which Kosmos mentioned ought to contribute to greater reserves and sustained manufacturing development.
Latest drilling and manufacturing exercise at Jubilee continues to assist output beneficial properties. The J74 effectively, 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 effectively of a five-well 2026 marketing campaign, J75, has been drilled and is predicted to come back on-line by the top of the primary quarter after completion operations.
On the TEN fields, the partnership has signed a sale and buy settlement to accumulate 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 scale back working prices starting in 2026.
Kosmos additionally supplied an replace on its broader portfolio. In Mauritania and Senegal, Section 1 of the Better Tortue Ahmeyim (GTA) LNG challenge 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 just lately accomplished a $350-million Norwegian bond providing and used a part of the proceeds to scale 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 signify a key milestone for the corporate’s long-term place in West Africa and supply larger visibility for future drilling, manufacturing and gasoline provide development.
See additionally: Tullow indicators $205-million deal to accumulate TEN FPSO offshore Ghana
