Ghana’s parliament has ratified the extension of the West Cape Three Factors (WCTP) and Deepwater Tano (DWT) offshore licenses, which comprise the manufacturing Jubilee and TEN fields, operator Tullow Oil PLC stated.
The licenses now final by means of 2040, London-based, West Africa-focused oil and fuel producer Tullow stated in a web-based assertion. The preliminary license for WCTP took impact July 2004 whereas that of DWT took impact March 2006, in response to info on the Ghanaian Petroleum Fee’s on-line register.
“From 20 July 2036, Ghana Nationwide Petroleum Company’s (GNPC) share within the subject will enhance by an extra 10 % curiosity and the three way partnership companions’ shares will lower professional rata”, the assertion stated.
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At present Tullow operates Jubilee with a 38.98 % stake. Kosmos Vitality owns 38.61 %. GNPC holds 19.69 %. South Africa’s state-owned PetroSA has 2.72 %.
Tullow can also be operator in TEN, which consists of the fields Tweneboa, Enyenra and Ntomme, with a 54.84 % stake. Kosmos holds 20.38 %, GNPC 20.95 % and Petro 3.82 %.
“As well as, Tullow on behalf of itself and the three way partnership partnership has secured revised phrases for the availability of fuel from the Jubilee subject to the top of the prolonged interval at an escalating value of $2.50/MMbtu”, the assertion added.
“Moreover, a fuel cost safety mechanism and heads of phrases for the potential provide of fuel from the TEN fields has been agreed with the federal government of Ghana”.
The extension settlement consists of approval to drill as much as 20 further wells within the Jubilee subject, representing funding of as much as $2 billion in Ghana over the lifetime of the licenses, in response to an announcement by Tullow June 4, 2025 asserting the memorandum of understanding for the extension.
Beneath the prolonged licenses, the companions have dedicated to rising fuel manufacturing from Jubilee, which straddles each blocks, and TEN, in DWT, to about 130 million normal cubic toes a day, Tullow unhappy then.
Additionally agreed for the extension of the licenses is an “funding in GNPC and the Petroleum Fee’s capability with a deal with using superior know-how”, the June assertion stated.
Kosmos stated in a separate assertion on the ratification, “On the Jubilee subject, the J74 effectively that got here on-line in early January is now absolutely ramped up. Gross every day manufacturing from the effectively is ~13,000 barrels of oil per day (bopd), growing common gross Jubilee oil manufacturing to over 70,000 bopd in February month-to-date, in keeping with Kosmos expectations”.
“The primary effectively of the five-well 2026 drilling marketing campaign, J75, has been drilled, encountering roughly 40 meters [131.23 feet] of internet pay. J75 is predicted to be accomplished in three zones, just like the J74 and J72 wells, and is predicted on-line across the finish of the primary quarter”, Kosmos added.
Final week the companions signed an settlement to accumulate the floating manufacturing, storage and offloading vessel (FPSO) Prof John Evans Atta Mills, which serves TEN, for $205 million to be paid upon the completion of the acquisition settlement within the first quarter of 2027.
“Following completion of the transaction Tullow intends to maximise operational synergies with the adjoining Jubilee subject and drive additional price efficiencies which can underpin the longer-term improvement of the TEN and Jubilee fields”, Tullow stated in an announcement Friday.
Tullow chief government Ian Perks stated, “The acquisition of the FPSO will ship materials price financial savings by eradicating the annual lease price and resetting our mounted prices on the TEN fields. By extending the financial life and eradicating the annual lease price we are going to create further free money stream potential for the corporate past 2027”.
To contact the writer, e mail jov.onsat@rigzone.com
