Ghana Extends Jubilee, TEN Oil Licenses to 2040

Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation (GNPC), and Explorco have signed a Memorandum of Understanding with the Government of Ghana to extend the production licenses for the Jubilee and TEN oil fields until 2040. The agreement, covering the West Cape Three Points and Deep Water Tano blocks, includes commitments to drill up to 20 additional wells in the Jubilee field with investments of up to $2 billion, aiming to significantly boost proven and probable reserves. Gas supply from the fields is set to increase to about 130 million standard cubic feet per day, with measures to lower costs for consumers. Ghana’s Minister for Energy, John Abdulai Jinapor, described the deal as a key milestone for the energy sector, promoting economic growth, job creation, and sustainable resource management. The MoU initiates the submission of a development plan addendum and new gas sales agreements, with parliamentary approval now expected by the end of Q3 2025. The license extension underscores Ghana’s importance as a major oil and gas producer in West Africa and provides long-term investment certainty.