The Government of Ghana has signed a $2 billion memorandum of understanding with key energy partners to extend oil production licenses for the Jubilee and TEN fields through 2040, aiming to boost output, increase gas supply, and drive infrastructure development.
The Government of Ghana has signed a $2 billion memorandum of understanding (MoU) to extend production licenses for its key oil fields, Jubilee and TEN, through 2040. The deal was made in partnership with Tullow Oil, Kosmos Energy, PetroSA, the Ghana National Petroleum Corporation (GNPC), and its subsidiary Explorco.
According to a statement from the Ministry of Energy, the agreement includes plans to drill 20 new wells and attract fresh investments aimed at boosting oil and gas production, expanding infrastructure, and creating new job opportunities in the energy sector.
Ghana’s Minister of Energy, John Abdulai Jinapor, described the MoU as a “major milestone” for the country’s energy future, emphasizing that the agreement is not solely about sustaining crude oil production but also about enhancing local capacity, infrastructure, and employment.
The deal also aims to increase the country’s natural gas supply, helping to lower domestic energy costs. As part of the broader framework, new training programs will be launched for personnel at GNPC and the Petroleum Commission to build technical expertise and ensure long-term sustainability.
The Jubilee and TEN oil fields, located offshore in Ghana’s Western Region, are among the country’s most productive assets. The Jubilee field began production in 2010 and was followed by TEN (Tweneboa, Enyenra, Ntomme) in 2016. Tullow Oil serves as the operator of both fields.
The move reflects Ghana’s commitment to maximizing its hydrocarbon resources while gradually transitioning to a more diversified energy portfolio that includes gas and renewables.
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