GHANA STRENGTHENS OIL AND GAS SECTOR WITH MAJOR LICENCE AGREEMENT
Ghana has made a significant move to solidify its status as a top oil and gas producer in West Africa by signing a Memorandum of Understanding (MoU) with major energy stakeholders. The agreement will extend production licences for the Jubilee and TEN oil fields until 2040. FPSO KWAME NKRUMAH (Source: ghanaupstream.com ) Announced on June 4, 2025, the MoU includes Tullow Oil plc, Kosmos Energy, PetroSA, the Ghana National Petroleum Corporation (GNPC), and Explorco. It extends the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences—home to the Jubilee and TEN fields—by 15 years. As part of the agreement, the partners have committed to drilling up to 20 additional wells in the Jubilee field, with projected investments reaching $2 billion throughout the licence period. The deal is expected to significantly increase proven and probable (2P) reserves and improve gas supply, while also lowering costs for consumers. Energy and Green Transition Minister, John Abdulai Jinapor, des...