Ghana’s parliament has ratified the extension of the West Cape Three Points (WCTP) and Deepwater Tano (DWT) offshore licenses, which contain the producing Jubilee and TEN fields, operator Tullow Oil PLC said.
The licenses now last through 2040, London-based, West Africa-focused oil and gas producer Tullow said in an online statement. The initial license for WCTP took effect July 2004 while that of DWT took effect March 2006, according to information on the Ghanaian Petroleum Commission’s online register.
“From 20 July 2036, Ghana National Petroleum Corporation’s (GNPC) share in the field will increase by a further 10 percent interest and the joint venture partners’ shares will decrease pro rata”, the statement said.
Currently Tullow operates Jubilee with a 38.98 percent stake. Kosmos Energy owns 38.61 percent. GNPC holds 19.69 percent. South Africa’s state-owned PetroSA has 2.72 percent.
Tullow is also operator in TEN, which consists of the fields Tweneboa, Enyenra and Ntomme, with a 54.84 percent stake. Kosmos holds 20.38 percent, GNPC 20.95 percent and Petro 3.82 percent.
“In addition, Tullow on behalf of itself and the joint venture partnership has secured revised terms for the supply of gas from the Jubilee field to the end of the extended period at an escalating price of $2.50/MMbtu”, the statement added.
“Furthermore, a gas payment security mechanism and heads of terms for the potential supply of gas from the TEN fields has been agreed with the government of Ghana”.
The extension agreement includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses, according to a statement by Tullow June 4, 2025 announcing the memorandum of understanding for the extension.
Under the extended licenses, the partners have committed to growing gas production from Jubilee, which straddles both blocks, and TEN, in DWT, to about 130 million standard cubic feet a day, Tullow sad then.
Also agreed for the extension of the licenses is an “investment in GNPC and the Petroleum Commission’s capacity with a focus on the use of advanced technology”, the June statement said.
Kosmos said in a separate statement on the ratification, “At the Jubilee field, the J74 well that came online in early January is now fully ramped up. Gross daily production from the well is ~13,000 barrels of oil per day (bopd), increasing average gross Jubilee oil production to over 70,000 bopd in February month-to-date, in line with Kosmos expectations”.
“The first well of the five-well 2026 drilling campaign, J75, has been drilled, encountering approximately 40 meters [131.23 feet] of net pay. J75 is expected to be completed in three zones, similar to the J74 and J72 wells, and is expected online around the end of the first quarter”, Kosmos added.
Last week the partners signed an agreement to acquire the floating production, storage and offloading vessel (FPSO) Prof John Evans Atta Mills, which serves TEN, for $205 million to be paid upon the completion of the purchase agreement in the first quarter of 2027.
“Following completion of the transaction Tullow intends to maximize operational synergies with the adjacent Jubilee field and drive further cost efficiencies which will underpin the longer-term development of the TEN and Jubilee fields”, Tullow said in a statement Friday.
Tullow chief executive Ian Perks said, “The acquisition of the FPSO will deliver material cost savings by removing the annual lease cost and resetting our fixed costs at the TEN fields. By extending the economic life and removing the annual lease cost we will create additional free cash flow potential for the company beyond 2027”.
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