The Authorities of Ghana, Tullow Oil, Kosmos Vitality, PetroSA, GNPC and Explorco Signal Memorandum of Understanding to Prolong Ghana Manufacturing Licenses to 2040
DALLAS, June 04, 2025–(BUSINESS WIRE)–The Authorities of Ghana, Tullow Oil plc (Tullow), Kosmos Vitality (NYSE/LSE: KOS), PetroSA, Ghana Nationwide Petroleum Firm (GNPC) and Explorco are happy to announce that they’ve entered right into a Memorandum of Understanding (MOU) to increase the West Cape Three Factors (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cowl the Jubilee and TEN fields in Ghana.
The MOU 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. Because of the extension, the JV partnership expects to appreciate a cloth enhance in gross 2P reserves.
Plenty of rules are coated inside the MOU that can assist underpin the continued improvement of the Jubilee and TEN fields, together with:
A dedication to work to extend the availability of gasoline from the Jubilee and TEN fields to roughly 130 mmscf/day
A diminished gasoline worth for Jubilee related gasoline
A assured reimbursement mechanism for gasoline gross sales
Funding in GNPC and the Petroleum Fee’s capability with a deal with using superior expertise
All phrases and circumstances of the prevailing WCTP and DWT Petroleum Agreements stay in place and proceed unchanged.
The subsequent steps, following this MOU, are the submission for approval of a Jubilee Plan of Growth (PoD) Addendum, coming into into new totally termed gasoline gross sales agreements (GSA), and the submission for parliamentary approval of the fee safety mechanism and license extensions deliberate earlier than the top of the third quarter of 2025.
The Honorable John Abdulai Jinapor, Ghana’s Minister for Vitality and Inexperienced Transition, mentioned: “This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP companions marks a big step ahead in our nation’s vitality sector. Extending the licenses to 2040 demonstrates our dedication to fostering a secure and enticing funding local weather. This MOU won’t solely make sure the continued manufacturing of oil, supporting our financial development, but additionally permit us to additional develop our infrastructure and create extra job alternatives for our residents. We’re devoted to accountable useful resource administration and stay up for a affluent future fuelled by sustainable vitality practices.”
Richard Miller, Chief Monetary Officer and Interim Chief Government Officer of Tullow, commented: “This can be a invaluable step ahead for the Authorities of Ghana, Tullow and our JV companions, highlighting the collaborative and constructive relationship all of us have in reaching our shared aim of constructing a greater future for the folks of Ghana, via accountable oil and gasoline improvement. This extension and the fiscal stability of our contracts emphasizes the chance Ghana represents to ship further worth via manufacturing and reserves additions, offering better long-term optionality and materiality to those core belongings.”
Andrew G. Inglis, Chairman and Chief Government Officer of Kosmos, commented: “This memorandum of understanding acknowledges the significance of oil and gasoline in Ghana and the need of the brand new administration to create a lovely setting for brand new funding within the sector. Extending the Ghana manufacturing licenses is very accretive, including materials reserves and enabling the partnership to proceed investing within the nation for the long-term. This funding is predicted to maximise the worth of the fields for the good thing about the nation’s financial improvement and Kosmos’ shareholders. We stay up for working with President Mahama and his authorities to put money into and advance Ghana’s vitality sector.”
About Kosmos Vitality
Kosmos Vitality is a number one deepwater exploration and manufacturing firm targeted on assembly the world’s rising demand for vitality. We now have diversified oil and gasoline manufacturing from belongings offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America (previously the U.S. Gulf of Mexico). Moreover, within the confirmed basins the place we function we’re advancing high-quality improvement alternatives, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded beneath the ticker image KOS. As an moral and clear firm, Kosmos is dedicated to doing issues the precise manner. The Firm’s Enterprise Rules articulate our dedication to transparency, ethics, human rights, security and the setting. Learn extra about this dedication within the Kosmos Sustainability Report. For extra data, go to www.kosmosenergy.com.
Ahead-Wanting Statements
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