Ghana ratifies Kosmos license extensions for Jubilee, TEN fields to 2040

February 20, 2026

(WO) - Kosmos Energy has confirmed that Ghana’s parliament has formally ratified license extensions for the West Cape Three Points and Deepwater Tano petroleum agreements, securing long-term development of the Jubilee and TEN offshore fields through 2040.

The extensions are expected to support continued investment in Ghana’s upstream sector, including plans for up to $2 billion in additional capital spending and increased domestic gas supply for power generation. The amended Jubilee field development plan includes up to 20 additional wells, which Kosmos said should contribute to higher reserves and sustained production growth.

Recent drilling and production activity at Jubilee continues to support output gains. The J74 well, brought online earlier this year, is producing approximately 13,000 bopd, lifting gross Jubilee production to more than 70,000 bopd in February. The first well of a five-well 2026 campaign, J75, has been drilled and is expected to come online by the end of the first quarter after completion operations.

At the TEN fields, the partnership has signed a sale and purchase agreement to acquire the floating production, storage and offloading (FPSO) vessel for about $205 million gross, with closing expected in first-quarter 2027. Ownership of the FPSO is expected to reduce operating costs beginning in 2026.

Kosmos also provided an update on its broader portfolio. In Mauritania and Senegal, Phase 1 of the Greater Tortue Ahmeyim (GTA) LNG project shipped several cargoes in January and is producing above nameplate capacity, averaging roughly 2.9 MMtpa equivalent year-to-date.

On the financial side, Kosmos recently completed a $350-million Norwegian bond offering and used part of the proceeds to reduce borrowings under its reserve-based lending facility. The company has also begun hedging a portion of its 2027 oil production.

Kosmos executives said the Ghana license extensions represent a key milestone for the company’s long-term position in West Africa and provide greater visibility for future drilling, production and gas supply growth.