The Government of Ghana and partners—Tullow Oil, Kosmos Energy, PetroSA, GNPC, and Explorco—have signed an MoU to extend the West Cape Three Points and Deep Water Tano licenses, covering the Jubilee and TEN oil fields, to 2040. The agreement allows for up to 20 new wells in the Jubilee field, with investments of up to $2 billion and an expected increase in gross 2P reserves.
Next steps include approval of a Jubilee PoD Addendum, new gas sales agreements, and parliamentary approval for license and payment security extensions by Q3 2025. Energy Minister John Jinapor highlighted the move as a major boost to Ghana’s energy sector and investment climate.Tullow CFO and Interim CEO Richard Miller called the license extension a key milestone, reflecting strong collaboration with the Government of Ghana and JV partners to support responsible oil and gas development.
He emphasized the long-term value and stability the extension brings. Kosmos CEO Andrew G. Inglis noted the move will add significant reserves, drive further investment, and benefit both Ghana’s economic growth and Kosmos shareholders, reaffirming their commitment to supporting Ghana’s energy sector.
