GHANA/ MAURITANIA: Kosmos Energy Signals Strong 2026 Outlook as Oil Output Rises and GTA LNG Ramps Up

Kosmos Energy has outlined a strong operational and production outlook for 2026, underpinned by rising oil output in Ghana’s Jubilee field, long-term license security for its offshore assets, and accelerating liquefied natural gas (LNG) production from the Greater Tortue Ahmeyim (GTA) project offshore Mauritania and Senegal.

Jubilee Field to Start 2026 Near 70,000 bopd

In Ghana, Kosmos Energy confirmed that the second producer well (J-74) in the 2025–2026 Jubilee field development campaign has been successfully drilled and completed and is expected to come online shortly. The well encountered approximately 50 metres of net pay, in line with expectations, and was completed across three production zones, similar to the J-72 producer well, which began producing in mid-2025.

Based on flowback results, J-74 is expected to produce more than 10,000 barrels of oil per day (bopd). With the well online, the Jubilee field is forecast to begin 2026 producing nearly 70,000 bopd gross, representing a significant uplift in output.

During the fourth quarter of 2025, gross Jubilee production averaged approximately 59,000 bopd, reflecting a slowing base decline of around 5% quarter-on-quarter, consistent with Kosmos Energy’s expectations. Looking ahead, the Jubilee partnership has approved five additional wells for 2026, comprising four producer wells and one injector well, with drilling of the next producer already underway.

Government Approves License Extensions to 2040

Kosmos Energy also reported that, in late December 2025, the partnership received Government approval for license extensions covering the West Cape Three Points and Deep Water Tano Petroleum Agreements, which host the Jubilee and TEN fields. The agreements have since been submitted to Parliament for formal ratification.

Upon ratification, the licenses will be extended to 2040, providing long-term operational certainty. From July 2036, the Ghana National Petroleum Corporation (GNPC) will increase its participating interest in the fields by a further 10%, with joint venture partners’ interests reduced on a pro rata basis.

As part of the extension, the Jubilee Plan of Development has been amended to include up to 20 additional wells, a move Kosmos expects will result in an increase in 2P reserves and further enhance the field’s long-term value.

TEN FPSO Acquisition to Reduce Costs in 2026

In a further positive development, Kosmos Energy confirmed that the TEN partnership has agreed final sale and purchase terms to acquire the TEN FPSO at the end of its current lease in 2027. The final Sale and Purchase Agreement is expected to be executed early in 2026.

Transitioning FPSO ownership to the partnership is expected to significantly reduce TEN operating costs, positively impacting Kosmos Energy’s cash flow and leverage during 2026.

GTA LNG Output Poised to Nearly Double in 2026

Beyond Ghana, Kosmos Energy highlighted continued progress at the Greater Tortue Ahmeyim (GTA) LNG project offshore Mauritania and Senegal. The floating LNG vessel operated at nameplate capacity of 2.7 million tonnes per annum (mtpa) during December 2025, reaching a peak production rate of approximately 3.0 mtpa.

In total, the GTA project lifted 18.5 gross LNG cargoes and one condensate cargo in 2025. As operational performance continues to improve, Kosmos Energy expects LNG cargo liftings to nearly double in 2026, marking a major step-up in regional gas exports.

Strong West African Momentum into 2026

Kosmos Energy’s latest update underscores a positive 2026 outlook for West Africa’s offshore oil and gas sector, supported by rising production, improved cost structures, long-term license certainty and growing LNG exports. Together, these developments reinforce the company’s strategic position in Africa’s evolving energy landscape and its role in supplying reliable energy to global markets.