Kosmos Energy (LSE:KOS) has released an operational and financial update outlining higher oil production in Ghana, rising LNG output from its Mauritania–Senegal development and continued progress on strengthening its balance sheet.
In Ghana, the company has brought a second producer well from the Jubilee 2025–2026 development campaign close to first oil. As a result, gross field production is expected to approach 70,000 barrels per day at the start of 2026, supported by moderating base decline and the sanctioning of additional wells during the year. The Ghanaian authorities have also approved extensions to the West Cape Three Points and Deep Water Tano petroleum agreements, covering the Jubilee and TEN fields through 2040. These extensions open the door for up to 20 further Jubilee wells, a projected increase in 2P reserves and a planned rise in the state’s participation, with the interest held by Ghana National Petroleum Corporation set to increase by 10% from 2036. Separately, partners in the TEN field have agreed final terms to acquire the FPSO when its lease ends in 2027, a step expected to materially reduce operating costs and improve Kosmos’s leverage profile.
In Mauritania and Senegal, the Greater Tortue Ahmeyim LNG project reached nameplate capacity in December 2025 and shipped 18.5 LNG cargoes over the year. The partners expect the number of cargo liftings to almost double in 2026 as the project continues to ramp up.
On the financial side, Kosmos has drawn $100 million from its Gulf of America Term Facility and initiated the redemption of its remaining unsecured notes due in 2026. The company has also secured lender waivers that allow it to pursue new secured financing as it prepares to refinance debt maturities falling due in 2027, highlighting an active focus on liquidity, debt reduction and balance sheet flexibility.
More about Kosmos Energy
Kosmos Energy is a deepwater exploration and production company with a diversified portfolio of oil and gas assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Listed in New York and London under the ticker KOS, the company focuses on developing projects in proven basins where it has achieved exploration success, while emphasising transparency, safety, environmental responsibility and respect for human rights across its operations.
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