Kosmos Energy Secures Ghana Licence Extensions to 2040, Unlocking US$2bn Investment Horizon
Parliament’s ratification of the Jubilee and TEN licence extensions to 2040 redraws the investment map for Ghana’s upstream sector, locking in long-term regulatory certainty over its flagship offshore assets. For Kosmos Energy and its partners, the decision unlocks up to $2 billion in fresh capital, deepens domestic gas supply for power generation, and resets the production outlook on fields that have underpinned Ghana’s oil economy for nearly two decades.
Accra, Ghana / Dallas, TX, USA | February 20, 2026 — Parliamentary ratification of the West Cape Three Points and Deepwater Tano Petroleum Agreements has extended the life of Ghana’s flagship offshore assets to 2040, cementing long-term operational certainty over the Jubilee and TEN fields and resetting the investment clock on one of West Africa’s most consequential hydrocarbon provinces.
For Ghana, the extensions translate into as much as $2 billion in incremental capital deployment, additional affordable gas volumes for domestic power generation, and structured increases in state participation over time. For Kosmos and its partners, they offer regulatory clarity, reserve upside and a multi-decade runway to deepen field recovery.
A Milestone Framed as Stability
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy, described the ratification as “an important milestone for the country,” adding that it “establishes long-term clarity and stability for the ongoing development of Jubilee, a world-class oil field with significant remaining potential that can be unlocked with continued investment, regular drilling and high facility reliability.”
He noted that the outcome reflects “years of constructive engagement and shared commitment” among the Government of Ghana, the Ghana National Petroleum Corporation, joint venture partners and Kosmos’ technical teams.
“As we work to realize Jubilee’s full potential,” Inglis added, “we remain focused on disciplined execution, close partnership with the Government of Ghana, and delivering sustainable value for the country and our shareholders.”
Jubilee: From Transform Margin Thesis to Production Anchor
The renewal marks a new chapter for a field that redefined Ghana’s economic narrative. Kosmos is widely credited with the 2007 discovery of Jubilee, which opened the Tano Basin and repositioned Ghana as a frontier success story in deepwater exploration. First oil was achieved in late 2010, just 42 months after discovery, placing the development among the fastest in deepwater history.
Nearly two decades on, Jubilee remains the production fulcrum. The J74 well, brought online in early January, is producing roughly 13,000 barrels of oil per day, lifting gross field output to above 70,000 barrels per day month to date in February. The next well in the 2026 campaign, J75, encountered approximately 40 metres of net pay and is expected online by the end of the first quarter.
Under the amended Plan of Development embedded in the extensions, up to 20 additional wells will be drilled. Kosmos expects this to translate into higher 2P reserves, reinforcing Jubilee’s status as a long-life, high-reliability asset rather than a declining legacy field.
The signal to markets is clear: Ghana’s premier oil field is not in managed retreat. It is being methodically re-engineered for endurance.
TEN: Ownership, Efficiency and Cost Discipline
The TEN partnership has signed a sale and purchase agreement to acquire the FPSO servicing the Tweneboa, Enyenra and Ntomme fields for a gross consideration of $205 million, with completion expected in 2027.
Ownership of the vessel is projected to materially reduce operating costs from 2026 onward. In an environment where capital discipline is as prized as geological success, this move recalibrates TEN from a cost-sensitive asset to a margin resilient contributor.
Beyond corporate balance sheets, lower upstream operating costs can ripple downstream through improved project economics, stronger tax flows and steadier supply to the domestic market.
Energy Security and Gas for Power
A central pillar of the extensions is enhanced domestic gas availability. Higher volumes of affordable gas are expected to support Ghana’s thermal generation fleet, easing foreign exchange pressures associated with liquid fuel imports and reinforcing grid stability.
In a power market that has grappled with payment arrears and fuel supply constraints, incremental indigenous gas is more than a commodity. It is ballast for macroeconomic steadiness.
From July 2036, GNPC’s interest in the fields will increase by a further 10 percent, with partners’ shares reducing pro rata, deepening state participation over time while preserving near-term investment incentives.
Capital Markets and Corporate Resilience
The licence clarity arrives alongside strengthened financial footing. In January, Kosmos completed a $350 million Norwegian bond issuance, using a portion to reduce reserve-based lending exposure and positioning the remainder toward refinancing upcoming notes. The company has also hedged two million barrels of 2027 production at a $60 per barrel floor, reinforcing cash flow visibility.
With Jubilee output rising and the Greater Tortue Ahmeyim LNG project offshore Mauritania and Senegal performing above nameplate capacity, Kosmos has reported record total production levels. Operational momentum and financial de-risking are moving in tandem.
Beyond Barrels: Developmental Footprint
Kosmos’ Ghana narrative has extended beyond the drill bit. Through the Kosmos Innovation Center, the company has pivoted from episodic philanthropy toward structured entrepreneurial development, with a focus on technology-enabled agriculture and youth enterprise. The licence extensions also embed commitments to strengthen technical capacity within GNPC and the Petroleum Commission, institutional investments that outlast commodity cycles.
The Long View
In energy markets, time is the rarest currency. By extending Jubilee and TEN to 2040, Ghana has exchanged short-term uncertainty for a longer horizon of managed development.
For private sector partners, the message is one of policy continuity and contractual durability. For the state, it is a recalibration of ownership, gas security and fiscal inflows across the next decade and beyond.
And for Jubilee, once a bold transform margin hypothesis on a geologist’s map, it is confirmation that the field still has chapters left to write in Ghana’s petroleum story.
