Ghana Secures Oil Production Until 2040, Kosmos Eyes $2B Investment

Kosmos Energy to boost investment in Jubilee and TEN fields after Ghana extends key offshore licenses.

Published on Feb. 23, 2026

Got story updates? Submit your updates here. ›

Ghana's parliament has ratified license extensions for the West Cape Three Points and Deepwater Tano petroleum agreements, securing production from the Jubilee and TEN fields until 2040. Kosmos Energy, a key partner in both licenses, said the approval supports sustained investment, field optimization, and enhanced recovery efforts across both blocks, paving the way for up to $2 billion in incremental investment in Ghana's upstream sector.

Why it matters

The extensions provide long-term regulatory certainty for two of Ghana's flagship offshore assets, which together account for the bulk of the country's crude oil output. This is expected to increase gas supply for domestic power generation and solidify Ghana's position as a major oil producer in West Africa.

The details

Under the amended Jubilee plan of development, up to 20 additional wells are planned, which is expected to increase proven and probable (2P) reserves. Operational momentum is also building, with the J74 well producing about 13,000 barrels per day and lifting average gross Jubilee output to over 70,000 bpd in February. At the TEN field, partners have signed a $205 million deal to acquire the FPSO vessel, with cost reductions expected from 2026.

  • In early January, the J74 well was brought online.
  • The first well in the five-well 2026 campaign, J75, has been drilled and is expected to come online towards the end of the first quarter.
  • The $205 million deal to acquire the FPSO vessel for the TEN field is expected to be completed by the end of Q1 2027.

The players

Kosmos Energy

A Dallas-based independent oil and gas company focused on offshore exploration and production, and a key partner in the Jubilee and TEN licenses alongside Tullow Oil, PetroSA, and Ghana National Petroleum Corporation (GNPC).

Tullow Oil

A British oil and gas exploration and production company, and a key partner in the Jubilee and TEN licenses alongside Kosmos Energy, PetroSA, and GNPC.

PetroSA

The national oil company of South Africa, and a key partner in the Jubilee and TEN licenses alongside Kosmos Energy, Tullow Oil, and GNPC.

Ghana National Petroleum Corporation (GNPC)

The state-owned oil company of Ghana, and a key partner in the Jubilee and TEN licenses alongside Kosmos Energy, Tullow Oil, and PetroSA.

Andrew G. Inglis

The chairman and chief executive officer of Kosmos Energy.

Got photos? Submit your photos here. ›

What they’re saying

“Parliamentary ratification of the license extensions in Ghana marks an important milestone for the country, and Kosmos is proud to have led the work with the Government of Ghana to execute these agreements. Jubilee is a world-class oil field with significant remaining potential that can be unlocked through continued investment, regular drilling and high facility reliability, supported by the latest seismic acquisition and processing technologies.”

— Andrew G. Inglis, Chairman and Chief Executive Officer, Kosmos Energy (marketscreener.com)

What’s next

Kosmos plans to continue its drilling program at the Jubilee field, with the J75 well expected to come online towards the end of the first quarter. The company also expects to complete the acquisition of the FPSO vessel for the TEN field by the end of Q1 2027.

The takeaway

The license extensions in Ghana provide long-term regulatory certainty for the country's two flagship offshore oil and gas assets, Jubilee and TEN, paving the way for significant investment by Kosmos Energy and its partners to further develop these world-class resources and boost domestic energy supply.