Kosmos Energy is pressing ahead with a ten-well drilling programme at Ghana’s flagship Jubilee and TEN fields from mid-2027, combining near-term production growth with one of the most aggressive balance sheet repair targets in its history — raising its full-year 2026 net debt reduction goal from 10% to 20% after a first quarter that delivered record daily and quarterly production.
The ten wells form the next phase of a multi-year drilling campaign already delivering results. Wells J74 and J75 were brought online in the first quarter of 2026, with wells J76, J77, and J50 at Jubilee expected onstream around mid-2026 and projected to add approximately 20,000 barrels of oil per day gross. All wells are positioned in close proximity to existing production infrastructure, enabling tie-back development that lowers capital intensity and operating costs — a deliberate strategic choice to generate cash rather than simply grow volume. The company also signed an agreement to acquire the TEN FPSO, eliminating lease costs and unlocking further operational savings, and secured licence extensions for both the Jubilee and TEN fields through to 2040, anchoring long-term commercial confidence in the assets.
Kosmos is running the same discipline across its Greater Tortue Ahmeyim LNG project in Senegal and Mauritania, where it is targeting a reduction in operating costs per barrel of oil equivalent of more than 50% year on year in 2026 by maximising use of existing infrastructure, expanding GTA Phase 1+, and pursuing domestic gas sales. A Heads of Terms for domestic gas supply agreements is expected to be finalised during 2026. CEO Andrew G. Inglis said the momentum is real and building. “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.
Portfolio rationalisation is running in parallel with the growth agenda. 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 the clearest commercialisation pathways and strongest margin profiles. The cumulative picture is of a company trading exploration optionality for operational cash generation — a bet that in Ghana’s mature deepwater infrastructure environment, execution discipline is worth more than reserve size.
Source: Prospect Intelligence