Ghana plans to raise its ownership in the Jubilee oilfield under a license extension that will keep production running into the next decade and support efforts to slow declining output through new drilling.
The government has cleared extensions to the West Cape Three Points and Deep Water Tano petroleum agreements, which cover the Jubilee and TEN fields. This decision allows Ghana to increase its direct involvement in assets operated by Tullow Oil alongside partners such as Kosmos Energy.
Under the updated terms, the licenses will run until 2040, pending parliamentary approval. From July 2036, the Ghana National Petroleum Corporation will add an extra 10 percent stake in the Jubilee and TEN fields, with partner interests reduced proportionally.
The extensions are linked to an updated Jubilee development plan that includes up to 20 new wells. These additions aim to maintain production levels, raise recoverable reserves, and improve Ghana’s long-term income from the field.
Kosmos Energy said the extension would increase proven and probable reserves. The company noted that the revised development plan is intended to offset natural decline in the mature field and deliver additional value.
The approval coincides with renewed drilling that is already lifting Jubilee output. The second producer well in the 2025 to 2026 campaign, J 74, has been drilled and completed and is expected to begin production soon after encountering around 50 meters of net pay across three zones.
Early flowback results suggest J 74 will produce more than 10,000 barrels per day. Once online, total Jubilee production is expected to approach 70,000 barrels per day at the start of 2026, up from about 59,000 barrels per day in the fourth quarter of 2025.
Beyond the two producer wells already completed, the partners have approved five additional wells for 2026, including four producers and one injector. Drilling on the next producer has already started to help stabilize output and slow decline.
The revised terms also benefit the TEN project. Partners have agreed on final terms to buy the FPSO used at TEN when its lease ends in 2027, a move expected to cut operating costs and improve project economics.
By increasing its stake in Jubilee and TEN, Ghana aims to capture greater value from its offshore oil resources at a time of fiscal strain. Longer production periods and higher equity are expected to boost state revenues in the later life of the fields.
The license extensions now move to parliament for approval. Once ratified, the new terms will secure Ghana’s role in two of its key oil-producing assets for the next 15 years.
source: www.graphic.com.gh
African Energy Council