Ghana has signed a Memorandum of Understanding (MoU) with key energy partners to extend production licenses for the Jubilee and TEN oil fields to 2040.
The deal, announced on June 4, 2025, involves Tullow Oil, Kosmos Energy, PetroSA, GNPC, and Explorco, and covers the West Cape Three Points and Deep Water Tano blocks.
The agreement includes plans to drill up to 20 new wells and invest up to $2 billion, aiming to boost oil and gas output, expand reserves, and reduce gas costs.
Gas supply will increase to about 130 million standard cubic feet per day with a guaranteed payment mechanism for gas sales.
Speaking after the signing, the Minister of Energy and Green Transition, John Abdulai Jinapor, hailed the agreement as a turning point for the country’s energy future.
“This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation’s energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate.
“This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fueled by sustainable energy practices,” the minister said.
Tullow and Kosmos executives welcomed the agreement as a strong vote of confidence in Ghana’s investment climate and a step toward maximising field value.
The deal preserves current contract terms, with final approvals expected by quarter 3 of 2025.
SP/AE
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