Saturday, July 26, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

Kosmos, Tullow licences in Ghana to be extended to 2040 – MoU

Government signs MoU to secure long-term investments in oil and gas sector

admin by admin
June 4, 2025
in Business
0
Ghana to extend Kosmos, Tullow licences to 2040 – MoU

Ghana to extend Kosmos, Tullow licences to 2040 – MoU

Share on FacebookShare on Twitter

The Government of Ghana and its upstream oil partners—Tullow Oil plc, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation (GNPC), and Explorco—have entered into a landmark Memorandum of Understanding (MoU) to extend the West Cape Three Points and Deep Water Tano petroleum licences until 2040.

The licences, which cover Ghana’s flagship Jubilee and TEN oil fields, were initially set to expire before the end of the decade. The extension signals renewed confidence in Ghana’s oil and gas sector and opens the door to significant new investments in exploration, production, and technology.

You might also like

Ghana Sukuk bonds

Ghana eyes Sukuk bonds to help bridge infrastructure gap

July 26, 2025
Bank Ghana non-interest

Bank of Ghana engages clergy on non-interest banking

July 26, 2025

A statement released by Tullow Oil confirmed the agreement, describing it as a pivotal step in the long-term development of Ghana’s hydrocarbon assets.

$2bni and 20 new wells planned

Under the terms of the MoU, Kosmos ,  Tullow licences have secured approval to drill up to 20 new wells in the Jubilee field.

This expanded drilling programme is expected to channel as much as $2 billion in capital investment into the country over the life of the extended licences.

The partners also anticipate a “material increase” in gross 2P reserves—proven and probable oil and gas quantities—as a result of the extended development activities.

This, according to energy analysts, could significantly boost Ghana’s long-term energy output and government revenues.

Boosting production, gas supply, and local capacity

The MoU outlines several strategic objectives that go beyond simply extending licences.

These includes a commitment to boost gas supply from the Jubilee and TEN fields to approximately 130 million standard cubic feet per day (mmscf/d), a revised pricing model for Jubilee-associated gas, expected to make domestic power generation more affordable, a payment security mechanism to guarantee reimbursements for gas sales and capacity-building initiatives to strengthen GNPC and the Petroleum Commission, with an emphasis on deploying advanced technology in field operations.

Despite these new developments, the statement from Tullow Oil clarified that all existing terms and conditions in the original West Cape Three Points and Deep Water Tano petroleum agreements remain unchanged.

Plan of development addendum and parliamentary approval

The Jubilee and TEN partners revealed that the next phase will involve the submission of an updated Jubilee Plan of Development (PoD) Addendum for regulatory approval.

The partners will also work to finalise new gas sales agreements (GSAs) and seek parliamentary approval for the payment security mechanisms and licence extensions.

These steps are expected to be completed before the end of the third quarter of 2025.

Energy Minister hails agreement as game-changer

Minister for Energy and Green Transition, John Jinapor, praised the agreement as a major milestone in Ghana’s energy evolution.

“Extending the licences to 2040 demonstrates our commitment to fostering a stable and attractive investment climate,” he stated. “This MoU will not only ensure continued oil production to support economic growth, but also enable us to expand our energy infrastructure and create jobs.”

Minister Jinapor further emphasized the government’s dedication to responsible resource management and the development of a sustainable energy sector.

Tullow,  Kosmos  applaud MoU as strategic win

Richard Miller, Tullow Oil’s Chief Financial Officer and Interim Chief Executive Officer, described the MoU as a “valuable step” for all stakeholders.

“It reflects the collaborative and constructive relationships between the Government of Ghana, Tullow, and our joint venture partners,” he said.

“This agreement enhances Ghana’s long-term energy outlook by providing greater optionality and financial stability for critical national assets.”

Tullow oil

Andy Inglis, Chief Executive Officer of Kosmos Energy, also lauded the MoU, noting that it highlights the vital role of oil and gas in Ghana’s economy and signals the government’s commitment to creating a favourable investment environment.

“Extending the Ghana production licences is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long term,” Inglis remarked.

Stability and growth in Ghana’s energy sector

With the extension of Kosmos, Tullow licences, Ghana is poised to reap significant benefits—both in terms of sustained energy production and increased investment inflows.

The collaborative approach taken by the government and its private sector partners is being widely praised as a model for balancing national interest with investor confidence.

The MoU, if successfully implemented, is expected to cement the Jubilee and TEN fields as cornerstones of Ghana’s energy strategy well into the next two decades.

Post Views: 269
Tags: Ghana National Petroleum CorporationKosmos EnergyTullow oil
admin

admin

Related Stories

Ghana Sukuk bonds

Ghana eyes Sukuk bonds to help bridge infrastructure gap

by NewsCenta
July 26, 2025
0

Ghana is eyeing the introduction of Sukuk bonds as an innovative and ethical alternative to conventional debt instruments to finance...

Bank Ghana non-interest

Bank of Ghana engages clergy on non-interest banking

by NewsCenta
July 26, 2025
0

The Bank of Ghana has commenced high-level stakeholder engagements with religious leaders to lay the groundwork for the institutionalisation of...

Rockway Oilfields ISO

Rockway Oilfields secures triple ISO certification

by NewsCenta
July 25, 2025
0

Rockway Oilfields Services Ghana Limited, an indigenous Ghanaian company, is proud to announce that it has been officially awarded ISO...

Ecobank Ghana Chipa

Ecobank Ghana to plant 1,700 trees to restore Chipa Forest

by Selorm Gborbidzi
July 25, 2025
0

Ecobank Ghana has commenced a significant reforestation project in the Chipa Forest Reserve, in the Shai-Osudoku District of the Greater...

Recommended

Ghana Sukuk bonds

Ghana eyes Sukuk bonds to help bridge infrastructure gap

July 26, 2025
Bank Ghana non-interest

Bank of Ghana engages clergy on non-interest banking

July 26, 2025
Sabon Zongo Asawase

Another man killed in broad daylight at Sabon Zongo in Asawase

July 26, 2025

Popular Story

  • Causes death men

    10 of top 11 causes of death killing more men in Ghana

    695 shares
    Share 278 Tweet 174
  • Bissue floors High Court and OSP at Supreme Court

    688 shares
    Share 275 Tweet 172
  • Monday, May 26, 2025 Newspaper Headlines

    668 shares
    Share 267 Tweet 167
  • Tuesday, June 10, 2025 Newspaper Headlines

    658 shares
    Share 263 Tweet 165
  • Mahama govt to complete National Cathedral

    651 shares
    Share 260 Tweet 163
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About Us
  • Contact Us
  • Health
  • Education
  • Mining
  • Energy
  • Telecoms
  • Agriculture
  • Trade
  • Opinion
  • Videos

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.

Connect with us