Ghana has taken a decisive step to secure its place as a key oil and gas producer in West Africa, signing a Memorandum of Understanding (MoU) with its energy partners to extend production licences for the Jubilee and TEN fields through to 2040.
Announced on June 4, 2025, the agreement brings together Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation (GNPC), and Explorco.
It extends the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences—home to the flagship Jubilee and TEN fields—by 15 years.
The deal promises significant investment in the sector. Over the new licence period, up to $2 billion will be committed, including plans to drill up to 20 additional wells in the Jubilee field. The partners also expect to increase recoverable reserves and enhance gas supply, while cutting consumer costs.
Energy Minister John Abdulai Jinapor described the MoU as a landmark moment for Ghana’s energy future.
He said the extension reflects Ghana’s commitment to creating a stable and attractive climate for investment and development.
“This is not just about continued oil production,” Jinapor said. “It’s about building infrastructure, creating jobs, and managing our resources responsibly in a way that supports long-term, sustainable growth.”
The MoU outlines key focus areas: increasing gas supply to about 130 million standard cubic feet per day, lowering the price of Jubilee-associated gas, and introducing a reimbursement mechanism for gas sales.
It also emphasizes technology transfer and capacity-building for GNPC and the Petroleum Commission.
Tullow’s Interim CEO Richard Miller called the extension a strong endorsement of Ghana’s value as an investment destination.
“It’s a clear sign of the trust and cooperation between the government and our partners,” he said.
Kosmos Energy CEO Andrew G. Inglis echoed this sentiment, noting that the new agreement reflects renewed investor confidence.
“This extension adds meaningful reserves and affirms our long-term commitment to Ghana,” he said. “It’s a win for both the country’s development goals and for our shareholders.”
The existing terms of the WCTP and DWT agreements remain in place. Next steps include finalising gas sales agreements, submitting a development plan addendum for Jubilee, and securing parliamentary approval for the extension and related financial frameworks by the third quarter of 2025.
