Kosmos Energy is pressing ahead with a ten-well drilling programme at Ghana’s flagship Jubilee and TEN fields starting in mid-2027, as the company combines production growth ambitions with an aggressive balance sheet repair strategy — cutting operating costs by 22% year on year and now targeting a 20% reduction in net debt through 2026, raised from an earlier target of 10%.
The ten wells form part of a multi-year drilling campaign already underway, with wells J74 and J75 brought online in the first quarter of 2026 and wells J76, J77, and J50 at Jubilee expected onstream around mid-2026, collectively adding approximately 20,000 barrels of oil per day gross. These wells are positioned in close proximity to existing production infrastructure, enabling tie-back development that reduces capital intensity and operating costs — a strategic fit with Kosmos’ broader pivot toward cash-generative, margin-focused production rather than volume-driven expansion. First-quarter 2026 production averaged 35,400 barrels of oil equivalent per day. A license extension to 2040 was also signed for both the Jubilee and TEN fields, and an agreement was reached to acquire the TEN FPSO, eliminating lease costs and opening opportunities for further operational savings.
Kosmos is pursuing the same cost-discipline philosophy at its Greater Tortua Ahmeyim LNG project in Senegal and Mauritania, where the company is targeting a reduction in operating costs per barrel of oil equivalent of more than 50% year on year in 2026. Using existing infrastructure to supply domestic gas markets and develop GTA Phase 1+, the company is reducing capital requirements while unlocking new revenue streams. A Heads of Terms for domestic gas sales agreements is expected to be signed during 2026.
CEO Andrew G. Inglis underscored the company’s financial momentum. “In the first quarter, Kosmos achieved record daily and quarterly production, driven by GTA fully ramped up and new wells at Jubilee. Operating costs were approximately 22% lower year-on-year and we reduced net debt by approximately 7% versus year-end 2025. With this ongoing momentum, we have raised our full-year debt reduction target from 10% to approximately 20%,” he said. As part of the portfolio rationalisation strategy, Kosmos withdrew from the Yakaar-Teranga gas licence in Senegal in April 2026 and initiated the divestment of its 40.375% non-operating working interest in Equatorial Guinea’s Ceiba and Okume assets — both decisions reflecting a deliberate concentration of capital on assets with clearer commercialisation pathways and stronger margin profiles.
Source: Prospect Intelligence