Ghana extends oil field deals to 2040, boosts state stake by 2036, and resolves debt with tax offsets.

Ghana’s parliament has extended petroleum agreements for the Jubilee, TEN, West Cape Three Points, and Deepwater Tano fields to 2040, securing long-term investment and production stability. Starting in 2036, Ghana’s National Petroleum Corporation will gain a 10-percentage-point increase in stake, with joint venture partners diluted proportionally. Revised gas terms include an escalating price of $2.50 per mmbtu and a payment security mechanism to address delays. Tullow Oil reported $847 million in 2025 revenue, with $100 million in free cash flow, hindered by lower oil prices and delayed payments. The company is resolving $225 million in outstanding balances and acquired the FPSO John Evans Atta Mills for $205 million to cut costs. The government will use a tax offset mechanism to settle $165 million in gas debt, avoiding new borrowing.