Ghana Secures Oil Future with Historic $2 Billion License Extension Deal
Ghana has locked in its energy future through a landmark agreement extending major offshore oil production licenses until 2040, representing one of the most significant long-term commitments in West African oil development. The comprehensive Memorandum of Understanding involves Ghana’s government, Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Company, and Explorco, covering the strategic Jubilee and TEN fields.
The historic deal authorizes drilling of up to 20 additional wells in the Jubilee field, representing potential investment of $2 billion over the license period. This substantial commitment is expected to deliver a material increase in gross 2P reserves, strengthening Ghana’s position as a key West African oil producer and providing long-term economic stability.
Energy Minister John Abdulai Jinapor emphasized that extending the licenses demonstrates Ghana’s commitment to fostering a stable investment climate while ensuring continued oil production to support economic growth. Kosmos Energy’s CEO Andrew G. Inglis described the extension as “highly accretive,” enabling long-term investment that will maximize field value for both the country’s development and shareholders.
Source: worldoil.com