Ghana extended oil field licences to 2040, boosting production and lowering costs via new investments and debt management.

Ghana’s parliament has extended operating licences for the Jubilee and TEN offshore oil fields to 2040, securing long-term production rights for Kosmos Energy. The Jubilee field averaged over 70,000 barrels of oil per day in February, boosted by the J74 well and ongoing drilling, with up to 20 new wells planned to increase reserves. A $205 million FPSO acquisition for the TEN fields, expected to lower costs from 2026, is set for completion by mid-2027. The Greater Tortue Ahmeyim LNG project exceeded its capacity in January, shipping 3.5 cargoes and averaging 2.9 million tonnes per annum. Kosmos also completed a $350 million bond offering, used to reduce debt and repurchase notes, while hedging 2027 oil production at $60 per barrel.