Kosmos Energy announced that Ghana’s parliament has ratified license extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, allowing operations at the Jubilee and TEN fields to continue until 2040.
The company said the extensions could attract up to $2 billion in additional investment into Ghana and support increased domestic gas supply for power generation. The updated Jubilee development plan includes up to 20 new wells, which the company expects will boost the field’s 2P reserves.
At Jubilee, the J74 well began production in early January and is producing about 13,000 barrels of oil per day. Average gross oil output at the field has exceeded 70,000 barrels per day so far in February. The J75 well, the first in a five-well drilling campaign for 2026, has been drilled with around 40 meters of net pay and is expected to come online near the end of the first quarter.
The TEN partners also signed a sale and purchase agreement to acquire the floating production, storage, and offloading vessel for a gross value of $205 million, which represents about $40 million net to Kosmos. The deal is expected to close at the end of the first quarter of 2027 and should lead to notable reductions in operating costs from 2026.
In Mauritania and Senegal, Phase 1 of the Greater Tortue Ahmeyim LNG project shipped 3.5 gross LNG cargoes in January. The project has averaged production of about 2.9 million tonnes per annum equivalent so far this year, above its nameplate capacity of 2.7 million tonnes per annum.
Kosmos also issued a $350 million Norwegian bond in January. It used $100 million of the proceeds to repay part of its Reserve Based Lending facility, while the remaining funds went toward repurchasing its 2027 senior unsecured notes. The company has also hedged two million barrels of its 2027 production with a price floor of $60 per barrel.
source: ng.investing.com
African Energy Council