Ghana has extended the West Cape Three Points and Deep Water Tano production licenses in the Jubilee and TEN fields to 2040. (Source: Shutterstock)
Ghana has extended two production licenses to 2040 as part of a memorandum of understanding reached by six parties.
The West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses cover the Jubilee and TEN fields in Ghana. The other parties in the agreement are Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corp. and Explorco.
The MOU includes approval to drill up to 20 more wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses and a significant increase in gross proven and probable reserves.
The MOU calls for a commitment to work to increase the gas supply from Jubilee and TEN fields to approximately 130 MMscf/d. Other goals are a reduced price for Jubilee associated gas and a guaranteed reimbursement mechanism for gas sales.
All terms and conditions of the existing WCTP and DWT petroleum agreements remain in place.
Next steps are the submission for approval of a Jubilee plan of development addendum, entering into new fully termed gas sales agreements and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025.
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