03:49 AM EDT, 06/04/2025 (MT Newswires) -- Kosmos Energy ( KOS ) , the government of Ghana, Tullow Oil, PetroSA, Ghana National Petroleum, and Explorco said Wednesday that they have entered into a memorandum of understanding to extend the West Cape Three Points and Deep Water Tano licenses to 2040.

The agreement covers the Jubilee and TEN fields in Ghana, the companies said. It includes approval to drill up to 20 more wells in Jubilee field, an investment of up to $2 billion in Ghana over the span of the licenses.

The memorandum includes commitments to work to increase the supply of gas from the Jubilee and TEN fields to about 130 million standard cubic feet per day, reduce prices for Jubilee- associated gas, and an investment Ghana National Petroleum's capacity, the companies said.

Following the memorandum, companies will submit development plans, license extensions, and sales agreements for parliamentary approval before the end of Q3, the companies said.