Samuel Dossou-Aworet-backed Tullow extends Ghana oil licenses

Tullow Oil Plc, the London-listed explorer in which Gabonese-Beninese businessman Samuel Dossou-Aworet owns a major stake, has secured a long-term extension for its Jubilee and TEN field licenses in Ghana. The approvals run through 2040 and come alongside a new gas sales agreement that sets pricing for the remainder of the license period. The company said it is finalizing the last regulatory steps with government agencies.

In its latest trading update, Tullow confirmed that a new Jubilee Gas Sales Agreement has now been signed, giving the company certainty on future gas offtake. This follows a memorandum of understanding reached in June between Tullow, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation and Explorco. That framework covers the West Cape Three Points and Deep Water Tano blocks, the areas that host Ghana’s main offshore oil developments.

Tullow advances Jubilee development plans

Tullow is still completing several requirements under the MoU, including payment security arrangements for gas sales and an updated development plan for Jubilee, which will need parliamentary approval. The MoU also provides room to drill as many as 20 additional wells at Jubilee, an investment that could reach $2 billion during the life of the licenses. The partners have also pledged to raise gas supply from the fields to 130 million standard cubic feet per day.

Production at Jubilee has averaged about 61,000 barrels a day this year, with Tullow’s net share at roughly 23,900 barrels. Output has been supported by a new production well brought onstream earlier in the year. Drilling on a second well, J73 P, began in November, with first oil expected around the end of the year. At the TEN field, production has averaged around 16,000 barrels a day, outperforming expectations on the back of steady flows from the Ntomme and Enyenra reservoirs. FPSO uptime across both fields has remained high at 97 percent.

Tullow resets assets, targets 2026 stability

Looking ahead, Tullow has approved a five-well program for 2026 to offset natural declines and stabilize volumes. It is also completing an Ocean Bottom Node seismic survey and integrating new 4D seismic data to sharpen reservoir models and guide future drilling. The company continues to reshape its portfolio. It is active in Ghana, Gabon and Côte d’Ivoire, while maintaining a presence in Kenya. Dossou-Aworet’s 16.8 percent stake in Tullow is valued at about $15.6 million, down sharply from $86 million last year as the share price has weakened.

Tullow has also been selling assets to cut debt and strengthen its balance sheet. In April it agreed to sell its Kenyan assets to Gulf Energy Limited for $120 million. The company followed in May with the $300 million sale of Tullow Oil Gabon S.A., marking its full exit from Gabon. The assets produced about 10,000 barrels a day and held nearly 36 million barrels of proven and probable reserves as of the end of 2024.

The company’s near-term focus is to keep operations in Ghana running efficiently, cut costs and put the company on the path of growth and strength as it works through the refinancing process. It is now in talks with bondholders and other lenders about refinancing options ahead of a May 2026 bond maturity. Receivables owed by the Ghanaian government—including TEN development debt and overdue cash calls—were more than $200 million net to Tullow as of October. Management said it is working with authorities to clear the outstanding amounts.