Kosmos Energy says its Jubilee field offshore Ghana is on the verge of hitting 90,000 barrels of oil per day, gross, as the company’s 2026 drilling campaign delivers strong early results and helps drive down its debt load.
The third well of this year’s campaign, J76, came online in mid-June — about two weeks behind schedule — and is now contributing roughly 20,000 barrels a day, aided by updated seismic imaging and sharper reservoir modelling. Gross Jubilee output averaged about 72,000 barrels a day in the second quarter and exited the period above 85,000 barrels a day.
The next well, J77, has already been completed and is expected to start producing imminently, which Kosmos says should push gross field output to around 90,000 barrels a day. A fourth well, J50, is due online near the end of July, with a water injector following in the third quarter to prepare the field’s northeastern area for future drilling. Two Jubilee cargoes and one TEN cargo were lifted in the second quarter, with a third Jubilee cargo completed on July 2.
At the Greater Tortue Ahmeyim LNG project off Mauritania and Senegal, Kosmos says nine LNG cargoes and one condensate cargo were lifted in the second quarter, landing at the upper end of company guidance. In the U.S. Gulf, the farm-down of the company’s Tiberius discovery is progressing toward a close in the third quarter, while the sale of its Ceiba and Okume assets in Equatorial Guinea to Panoro Energy closed on June 16, trimming about 1,000 barrels a day from second-quarter output.
Financially, Kosmos cut net debt to roughly $2.56 billion by quarter-end, down more than $400 million since the start of the year, with liquidity above $500 million. “We continue to execute on the key priorities I outlined… growing production, reducing costs and paying down debt,” said chairman and chief executive Andrew Inglis, adding that J76 in particular highlights Jubilee’s remaining upside. The company still expects to cut net debt by roughly 20 percent for the year and plans to open refinancing talks on its lending facility shortly.
Source: (worldoil.com, oedigital.com)