Highlights

  • Jubilee field producer well J-74 completed and expected online shortly
  • Ghana licence extensions approved, with amendments through 2040
  • GTA LNG project reaches nameplate capacity during December 2025

Kosmos Energy (NYSE:KOS) has released an operational and financial update outlining recent developments across its portfolio, including progress in Ghana, Mauritania and Senegal, alongside updates on financing activities.

Ghana Operations and Field Developments

In Ghana, Kosmos reported that the second producer well in the 2025–2026 Jubilee field development campaign, J-74, has been successfully drilled and completed. The well encountered around 50 metres of net pay, consistent with expectations, and has been completed across three zones. Based on flowback data, production from J-74 is expected to exceed 10,000 barrels of oil per day.

With J-74 coming online, gross Jubilee production is expected to begin 2026 at close to 70,000 barrels of oil per day. During the fourth quarter of 2025, gross production from Jubilee averaged approximately 59,000 barrels of oil per day, reflecting a slowing base decline of about 5% quarter-on-quarter. The Jubilee partnership has also approved five additional wells for 2026, comprising four producer wells and one injector, with drilling of the next producer already underway.

The company also confirmed that government approval has been received for licence extensions covering the West Cape Three Points and Deep Water Tano Petroleum Agreements, which include the Jubilee and TEN fields. These agreements have been submitted to parliament for ratification and, once finalized, will extend operations to 2040. From July 2036, the Ghana National Petroleum Corporation’s interest in the fields will increase by a further 10%, with partner interests adjusted on a pro-rata basis. The amended Jubilee development plan includes up to 20 additional wells, which Kosmos expects will increase 2P reserves.

Separately, the TEN partnership has agreed final sale and purchase terms to acquire the TEN FPSO at the end of its current lease in 2027. Execution of the final agreement is expected in early 2026, with the transition to ownership anticipated to reduce operating costs.

LNG Progress in Mauritania and Senegal

In Mauritania and Senegal, the Greater Tortue Ahmeyim (GTA) LNG project continued its ramp-up, with the floating LNG vessel operating at nameplate capacity of 2.7 million tonnes per annum equivalent during December 2025. Peak production reached around 3.0 million tonnes per annum. In total, 18.5 LNG cargoes and one condensate cargo were lifted in 2025, with cargo liftings expected to increase in 2026.

Financial and Debt Update

On January 2, 2026, Kosmos submitted a borrowing notice for a USD 100 mn draw under the second tranche of its Gulf of America Term Facility. The company also issued a notice to redeem its remaining 2026 unsecured notes, with redemption expected on January 13, 2026. As part of preparations to refinance 2027 debt maturities, reserve-based lending banks have agreed to a waiver allowing a subsidiary to issue new secured financing, subject to final documentation.

About Kosmos Energy

Kosmos Energy is a deepwater exploration and production company with oil and gas assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America.

KOS closed at USD 0.89 on January 02, 2026.