Tullow Oil Plc, the London-listed explorer backed by Gabonese-Beninese businessman Samuel Dossou-Aworet, has secured a long-term extension for its Jubilee and TEN field licenses in Ghana, running through 2040.
The approvals come alongside a new gas sales agreement that sets pricing for the remainder of the license period.
The company said it is finalizing the last regulatory steps with government agencies. A new Jubilee Gas Sales Agreement has been signed, giving Tullow certainty on future gas offtake.
This follows a memorandum of understanding reached in June between Tullow, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation and Explorco.
The agreement covers the West Cape Three Points and Deep Water Tano blocks, the areas that host Ghana’s main offshore oil developments.
Tullow is still completing several requirements under the MoU, including payment security arrangements for gas sales and an updated development plan for Jubilee, which will need parliamentary approval.
The MoU also provides room to drill as many as 20 additional wells at Jubilee, an investment that could reach $2 billion during the life of the licenses.
The partners have also pledged to raise gas supply from the fields to 130 million standard cubic feet per day.
Production at Jubilee has averaged about 61,000 barrels a day this year, with Tullow’s net share at roughly 23,900 barrels.
Output has been supported by a new production well brought onstream earlier in the year. Drilling on a second well, J73 P, began in November, with first oil expected around the end of the year.
At the TEN field, production has averaged around 16,000 barrels a day, outperforming expectations on the back of steady flows from the Ntomme and Enyenra reservoirs. FPSO uptime across both fields has remained high at 97 percent.
Tullow has approved a five-well program for 2026 to offset natural declines and stabilize volumes.
It is also completing an Ocean Bottom Node seismic survey and integrating new 4D seismic data to sharpen reservoir models and guide future drilling.
Dossou-Aworet’s 16.8 percent stake in Tullow is valued at about $15.6 million, down sharply from $86 million last year as the share price has weakened. Tullow has also been selling assets to cut debt and strengthen its balance sheet.
