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On 20 February 2026, Tullow Oil plc announced that the Ghanaian Parliament ratified the extension of its West Cape Three Points and Deep Water Tano Petroleum Agreements, covering the Jubilee and TEN fields, until 31 December 2040. From 20 July 2036, Ghana National Petroleum Corporation's share in the field will increase by a further 10%, with joint venture partners' shares decreasing pro rata. Additionally, Tullow, on behalf of the Joint Venture Partnership, secured revised terms for Jubilee field gas supply until 2040 at an escalating price of $2.50/mmbtu and agreed a gas payment security mechanism and heads of terms for potential TEN field gas supply with the Government of Ghana.
| Date | 20 Feb 2026 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 7479T |
Tullow Oil plc
Ghana Petroleum Agreements extended
20 February 2026 - Tullow Oil plc (Tullow) is pleased to announce that the extension of its West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover the Jubilee and TEN fields in Ghana, have been ratified by the Ghanaian Parliament. Accordingly, these agreements have been extended to 31 December 2040. From 20 July 2036, Ghana National Petroleum Corporation's (GNPC) share in the field will increase by a further 10% interest and the joint venture partners' shares will decrease pro rata.
In addition, Tullow on behalf of itself and the Joint Venture (JV) Partnership has secured revised terms for the supply of gas from the Jubilee field to the end of the extended period at an escalating price of $2.50/mmbtu. Furthermore, a gas payment security mechanism and heads of terms for the potential supply of gas from the TEN fields has been agreed with the Government of Ghana.
Ian Perks, Chief Executive Officer, Tullow Oil Plc, commented:
"The ratification of these agreements secures our long-term operating position, providing a runway for responsible resource development and a stable investment environment alongside the payment security for gas. This is a significant milestone which underpins Tullow's long-term commitment to Ghana and allows for continued investment in its principal Jubilee and TEN assets. It is a result of excellent collaboration between the joint venture partners, including GNPC, and the Government of Ghana."
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CONTACTS |
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Tullow Investor Relations Matthew Evans |
Camarco (Media) Billy Clegg Georgia Edmonds Rebecca Waterworth |
Notes to editors
Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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