Ghana’s Parliament has officially approved the extension of offshore licenses covering the West Cape Three Points (WCTP) and Deepwater Tano (DWT) blocks, home to the producing Jubilee and TEN oil fields. The move allows London-based Tullow Oil PLC, the operator of both blocks, to continue operations through 2040.
The original WCTP license began in July 2004, while the DWT license started in March 2006, according to Ghana’s Petroleum Commission records. Under the new arrangement, the Ghana National Petroleum Corporation (GNPC) will increase its stake in the fields by 10% starting July 2036, with joint venture partners adjusting their shares proportionally.
Currently, Tullow holds a 38.98% share in Jubilee, with Kosmos Energy at 38.61%, GNPC at 19.69%, and South Africa’s PetroSA at 2.72%. In the TEN fields which include Tweneboa, Enyenra, and Ntomme – Tullow owns 54.84%, Kosmos 20.38%, GNPC 20.95%, and Petro 3.82%.
The license extension also includes new agreements for gas supply. Tullow and its partners secured revised terms to supply gas from Jubilee at an escalating rate of $2.50 per million British thermal units (MMBtu). Discussions are ongoing for potential gas supply from the TEN fields, along with a gas payment security mechanism agreed with the government.
Significant investment plans are linked to the extension. Up to 20 additional wells may be drilled at Jubilee, representing a potential $2 billion investment in Ghana. The partners aim to raise combined gas production from Jubilee and TEN to approximately 130 million standard cubic feet per day.
Kosmos Energy reported that the recently commissioned J74 well in Jubilee has reached full production, adding around 13,000 barrels per day and pushing total Jubilee output above 70,000 barrels per day in February. The J75 well, the first of five planned for 2026, has already been drilled with promising results, expected to come online by the end of Q1 2026.
In addition, the partners are set to acquire the floating production, storage, and offloading (FPSO) vessel Prof John Evans Atta Mills for $205 million. Tullow said the purchase will reduce costs, increase operational efficiency, and strengthen the long-term development of both the TEN and Jubilee fields.
Tullow CEO Ian Perks highlighted that removing the annual FPSO lease cost and extending the economic life of the fields will create additional cash flow for the company beyond 2027.
This extension represents a major boost for Ghana’s oil and gas sector, supporting long-term energy development, technology transfer, and local capacity building in partnership with GNPC and the Petroleum Commission.
