Kosmos Energy confirms licence extensions in Ghana

Kosmos Energy has reported that the Ghanaian parliament has ratified licence extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements.

The licences screen the Jubilee and TEN oilfields, and volition let accumulation activities to proceed until 2040.

Kosmos stated that these arrangements are expected to pull up to $2bn successful further concern and summation home state proviso for powerfulness generation.

According to Kosmos, the amended improvement program for the Jubilee tract volition spot the drilling of up to 20 further wells, which is expected to summation the company’s proved + probable (2P) reserves.

Kosmos president and CEO Andrew Inglis said: “Parliamentary ratification of the licence extensions successful Ghana marks an important milestone for the country, and Kosmos is arrogant to person led the enactment with the Government of Ghana to execute these agreements.

“Jubilee is simply a world-class oilfield with important remaining imaginable that tin beryllium unlocked done continued investment, regular drilling and precocious installation reliability, supported by the latest seismic acquisition and processing technologies.”

Operational developments astatine Jubilee see the J74 well, which came connected watercourse successful January 2026 and is present producing astir 13,000 barrels of lipid per time (bopd). This has lifted mean gross accumulation astatine Jubilee to much than 70,000bopd successful February truthful far, successful enactment with institution forecasts.

The archetypal good successful a planned five-well run for 2026, J75, has encountered astir 40m of nett pay. Kosmos plans to implicit this good crossed 3 zones, targeting archetypal accumulation by the extremity of the archetypal quarter.

At the TEN fields, Kosmos and its partners signed a merchantability and acquisition statement this week to get the floating production, retention and offloading (FPSO) vessel. The acquisition outgo is $205m, of which astir $40m is attributable to Kosmos.

Payment volition beryllium made astatine completion scheduled by the extremity of March 2027. The institution anticipates that ownership of the FPSO portion volition assistance trim operating expenses from 2026 onwards.

In Mauritania and Senegal, signifier 1 of the Kosmos-bp partnership’s Greater Tortue Ahmeyim (GTA) liquefied earthy state task shipped 3.5 cargoes successful January. Year-to-date accumulation from GTA has averaged astir 2.9 cardinal tonnes per annum, somewhat supra nameplate capacity.

Inglis said: “With Jubilee output exceeding 70,000bopd and GTA producing supra nameplate capacity, Kosmos’ full accumulation has reached grounds levels. This improved performance, combined with the fiscal advancement we are making, strengthens the resilience of the institution and ensures we are good positioned to make semipermanent worth for our shareholders.”