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Yahoo
4 days ago
- Business
- Yahoo
Ghana extends oil production licences to 2040
The Government of Ghana and partners including Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Company (GNPC) and Explorco have signed a memorandum of understanding (MOU) to extend Ghana production licences to 2040. The MOU will extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences, which cover the Jubilee and TEN fields in Ghana. It paves the way for drilling up to 20 additional wells in the Jubilee field, signifying an investment of up to $2bn (20.49bn cedis) in Ghana across the licences' lifespan. The extension is set to substantially boost gross 2P (proved and probable) reserves for the joint venture partnership. Key aspects of the MOU include a commitment to augment the supply of gas from the Jubilee and TEN fields to around 130 million standard cubic feet per day, a reduction in the price of Jubilee associated gas and a guaranteed reimbursement mechanism for gas sales. Moreover, the agreement foresees investment in GNPC and the Petroleum Commission, emphasising the deployment of advanced technology. The existing terms of the WCTP and DWT Petroleum Agreements will remain effective without alteration. The forthcoming steps following the MOU involve the submission of a Jubilee Plan of Development (PoD) Addendum, the establishment of new fully termed gas sales agreements (GSA), and the pursuit of parliamentary approval for the payment security mechanism and licence extensions, all projected to occur before the end of the third quarter of 2025. Ghana's Energy and Green Transition Minister, John Abdulai Jinapor, said: 'This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licences to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. 'This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices.' In April this year, the International Tribunal for the Law of the Sea refused to suspend Ghana's operations at the $4.9bn Tweneboa, Enyenra and Ntomme offshore oil project in disputed waters in the Atlantic. "Ghana extends oil production licences to 2040" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040
DALLAS, June 04, 2025--(BUSINESS WIRE)--The Government of Ghana, Tullow Oil plc (Tullow), Kosmos Energy (NYSE/LSE: KOS), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields in Ghana. The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves. A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including: A commitment to work to increase the supply of gas from the Jubilee and TEN fields to approximately 130 mmscf/day A reduced gas price for Jubilee associated gas A guaranteed reimbursement mechanism for gas sales Investment in GNPC and the Petroleum Commission's capacity with a focus on the use of advanced technology All terms and conditions of the existing WCTP and DWT Petroleum Agreements remain in place and continue unchanged. The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025. The Honorable John Abdulai Jinapor, Ghana's Minister for Energy and Green Transition, said: "This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices." Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented: "This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets." Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos, commented: "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country's economic development and Kosmos' shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana's energy sector." About Kosmos Energy Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America (formerly the U.S. Gulf of Mexico). Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ("SEC") filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. View source version on Contacts Investor Relations Jamie Buckland+44 (0) 203 954 2831jbuckland@ Media Relations Thomas Golembeski+1-214-445-9674tgolembeski@ Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040
DALLAS, June 04, 2025--(BUSINESS WIRE)--The Government of Ghana, Tullow Oil plc (Tullow), Kosmos Energy (NYSE/LSE: KOS), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields in Ghana. The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves. A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including: A commitment to work to increase the supply of gas from the Jubilee and TEN fields to approximately 130 mmscf/day A reduced gas price for Jubilee associated gas A guaranteed reimbursement mechanism for gas sales Investment in GNPC and the Petroleum Commission's capacity with a focus on the use of advanced technology All terms and conditions of the existing WCTP and DWT Petroleum Agreements remain in place and continue unchanged. The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025. The Honorable John Abdulai Jinapor, Ghana's Minister for Energy and Green Transition, said: "This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices." Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented: "This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets." Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos, commented: "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country's economic development and Kosmos' shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana's energy sector." About Kosmos Energy Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America (formerly the U.S. Gulf of Mexico). Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ("SEC") filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. View source version on Contacts Investor Relations Jamie Buckland+44 (0) 203 954 2831jbuckland@ Media Relations Thomas Golembeski+1-214-445-9674tgolembeski@ Sign in to access your portfolio
Business Wire
5 days ago
- Business
- Business Wire
The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040
DALLAS--(BUSINESS WIRE)--The Government of Ghana, Tullow Oil plc (Tullow), Kosmos Energy (NYSE/LSE: KOS), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields in Ghana. The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves. A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including: A commitment to work to increase the supply of gas from the Jubilee and TEN fields to approximately 130 mmscf/day A reduced gas price for Jubilee associated gas A guaranteed reimbursement mechanism for gas sales Investment in GNPC and the Petroleum Commission's capacity with a focus on the use of advanced technology All terms and conditions of the existing WCTP and DWT Petroleum Agreements remain in place and continue unchanged. The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025. The Honorable John Abdulai Jinapor, Ghana's Minister for Energy and Green Transition, said: 'This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices.' Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented: 'This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets.' Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos, commented: "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country's economic development and Kosmos' shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana's energy sector." About Kosmos Energy Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America (formerly the U.S. Gulf of Mexico). Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words 'anticipate,' 'believe,' 'intend,' 'expect,' 'plan,' 'will' or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ('SEC') filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Yahoo
04-03-2025
- Business
- Yahoo
Davis Wright Tremaine Expands Energy Practice on West Coast with Addition of Partner Shab Puri in San Francisco
SAN FRANCISCO, March 04, 2025--(BUSINESS WIRE)--In a significant expansion of the firm's national energy practice, Davis Wright Tremaine LLP has added Shab Puri as a partner in the San Francisco office. Puri brings deep experience advising energy, infrastructure and technology clients on project development and transactions, specializing in engineering, procurement, and construction and other key project-related contracts. Over two decades of practice, Puri has counseled energy and technology clients on a wide range of high-value agreements that have helped drive the development of critical infrastructure projects, navigate supply chains, and create workable operation, maintenance, and service arrangements. He partners with energy industry clients in both the conventional and renewable generation sectors, focusing on solar, battery storage, biomass, wind and hydrogen projects, and has significant experience representing parties that include project developers, equipment suppliers, contractors, investors, and others. "DWT's strategic plan prioritizes growth in areas of national industry leadership, including energy and other critical infrastructure, and Shab advances that goal by substantially strengthening our transactional capabilities in this space, adding more than two decades of experience to our team," said Elaine Albrich, co-chair of the energy, environmental and natural resources practice group at DWT. "He will help us meet the growing demand for critical infrastructure and datacenter work from our large, institutional technology clients and help us continue to expand this practice in California and nationally." "Shab's arrival helps accelerate our purpose-driven growth in the Bay Area," said Vidhya Prabhakaran, DWT's San Francisco partner-in-charge and former co-chair of the firm's energy practice. "We've added several key lateral partners over the past year who are elevating our presence in this market, and we look to continue expanding our capabilities in energy related permitting, infrastructure and development work in California." Puri comes to the firm from K&L Gates in San Francisco, where he was a partner for nearly four years. He previously founded a Bay Area boutique firm focused on clean energy issues, which he ran for almost a decade. Earlier in his career, he served as associate general counsel for the U.S. affiliate of a German solar developer and senior in-house counsel for the world's largest photovoltaic panel manufacturer. He began his legal career at Stoel Rives, where he focused on counseling clients on the financing and development of power plants. "I'm delighted to bring my complementary skills and experience to the outstanding energy team at DWT," said Puri. "This is a go-to firm on regulatory and litigation issues, especially with respect to energy transition. With its entrepreneurial drive, technological sophistication, and commitment to excellence, DWT is an exciting firm to expand my practice." About Davis Wright Tremaine Davis Wright Tremaine LLP is an AmLaw 100 law firm with more than 600 lawyers representing clients based throughout the United States and around the world and is recognized by Chambers USA as a nationwide leader in energy law. Learn more at View source version on Contacts Media Contact Mark FeferHead of Public Relations & Strategic CommunicationsDavis Wright Tremaine LLPmarkfefer@ 206.757.8583 Sign in to access your portfolio
