Kosmos Energy (NYSE/LSE: KOS) has released an update on recent operational developments and financial actions across its portfolio. In Ghana, the second producer well (J-74) in the 2025–2026 Jubilee field development programme has been drilled and completed and is expected to come onstream shortly.
The well encountered approximately 50 metres of net pay, in line with expectations, and has been completed across three zones, similar to the J-72 well that began production in summer 2025. Initial flowback results indicate expected production of more than 10,000 barrels of oil per day. With J-74 online, gross Jubilee production is expected to approach 70,000 barrels per day at the start of 2026.
During the fourth quarter of 2025, gross Jubilee output averaged approximately 59,000 barrels per day, reflecting a slowing base decline of around five percent quarter over quarter. In addition to J-72 and J-74, the partnership has approved five additional wells for 2026, comprising four producers and one injector, with drilling of the next producer already underway.
Also in Ghana, the partnership received government approval in late December for license extensions covering the West Cape Three Points and Deep Water Tano Petroleum Agreements, which include the Jubilee and TEN fields. The extensions have been submitted to parliament for ratification and, once approved, will extend the agreements through 2040.
From July 2036, the Ghana National Petroleum Corporation’s participating interest in the fields will increase by an additional 10 percent, with joint venture partner interests adjusted proportionately. The amended Jubilee development plan now includes up to 20 additional wells, and Kosmos expects the license extension to result in an increase in proved and probable reserves.
Separately, the TEN partnership has agreed final commercial terms to acquire the TEN FPSO at the end of its current lease in 2027. Execution of the final sale and purchase agreement is expected in early 2026. Upon transfer of ownership, operating costs at TEN are expected to decline, supporting improved leverage metrics in 2026.
In Mauritania and Senegal, ramp-up of the Greater Tortue Ahmeyim (GTA) liquefied natural gas project continued. The floating LNG vessel operated at nameplate capacity during December 2025, equivalent to 2.7 million tonnes per annum, and reached peak output of approximately 3.0 million tonnes per annum. During 2025, a total of 18.5 gross LNG cargoes and one condensate cargo were lifted. Based on current performance, the partnership expects LNG cargo liftings to nearly double in 2026.
On January 2, 2026, the company submitted a borrowing notice for a $100 million draw under the second tranche of its Gulf of America Term Facility. At the same time, a notice was issued to redeem the remaining unsecured notes due in 2026, with redemption expected on January 13, 2026.
As Kosmos prepares to address its 2027 debt maturities, its reserve-based lending banks have agreed to a waiver allowing a subsidiary to issue new secured financing. This financing will benefit from the subordinated guarantees currently supporting the outstanding unsecured notes, subject to completion of legal documentation.
Kosmos Energy is an independent deepwater exploration and production company with oil and gas assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America. The company focuses on developing discovered resources and advancing additional growth opportunities in proven basins. Kosmos Energy is listed on the New York Stock Exchange and the London Stock Exchange under the ticker symbol KOS and operates under a framework of business principles covering transparency, ethics, safety, human rights, and environmental responsibility.
