Ghana has inked a pivotal energy deal that extends the production licences for its key oil fields—Jubilee and TEN—through to the year 2040. This landmark Memorandum of Understanding (MoU), signed between the Government of Ghana and its oil and gas partners, represents a major step toward long-term energy security and economic growth.
The agreement was reached with Tullow Oil plc, Kosmos Energy, PetroSA, the Ghana National Petroleum Corporation (GNPC), and its subsidiary, Explorco. It applies to the West Cape Three Points (WCTP) and Deep Water Tano (DWT) blocks—home to the flagship Jubilee and TEN oil fields.
As part of the deal, approval has been granted for drilling up to 20 new wells in the Jubilee field. This is expected to attract an estimated $2 billion in investment over the extended licence period and significantly increase Ghana’s gross 2P reserves, strengthening the country’s energy resilience.
Key provisions in the MoU include:
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Boosting gas supply from the Jubilee and TEN fields to around 130 million standard cubic feet per day (mmscf/d)
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Lower gas pricing for Jubilee-associated gas
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A secure repayment mechanism for gas sales
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Targeted investment in the technological and institutional capacity of GNPC and the Petroleum Commission
The original terms of the WCTP and DWT Petroleum Agreements remain intact.
Next steps involve submitting an updated Jubilee Plan of Development (PoD) Addendum, finalising gas sale agreements, and obtaining parliamentary approval for the licence extensions and financial arrangements by the third quarter of 2025.
Minister for Energy and Green Transition, John Abdulai Jinapor, described the deal as a game-changer for the country’s energy landscape. He said it reinforces Ghana’s commitment to sustainable energy development while promoting investment, job creation, and economic progress.
Tullow’s Interim CEO and CFO, Richard Miller, hailed the agreement as a testament to the strong partnership between the government and private sector, paving the way for future growth and enhanced returns.
Kosmos Energy’s Chairman and CEO, Andy Inglis, echoed that sentiment, noting the deal will unlock long-term value and bolster investor confidence in Ghana’s energy sector.
With this agreement, Ghana is set to drive forward its energy ambitions—powering homes, industries, and opportunities well into the next decade.
