• Tullow plans six wells at Jubilee in 2026, with four coming online in months

• Ghana’s oil output has fallen for six straight years, with Jubilee hit hardest

• License extensions to 2040 unlock new drilling and boost GNPC’s future stake

Tullow Ghana Limited, a subsidiary of the UK-based Tullow Oil, plans to bring four new wells online at the Jubilee oil field off Ghana’s coast in the coming months, according to the company’s 2025 annual report released on April 28.

Three production wells are expected between June and July, followed by a water injection well in September. Two additional wells, J74-P and J75-P, are already in operation after being commissioned between January and March.

The campaign brings the total number of planned wells at Jubilee to six for 2026. “We are encouraged by the early positive results from our drilling campaign in Ghana, which highlight the quality and potential of our world-class assets,” Tullow Oil CEO Ian Perks said in the report.

Ghana’s oil production has declined for six consecutive years. According to the Public Interest and Accountability Committee (PIAC), an independent body that audits the sector, national output fell by 25.9% in the first half of 2025 compared with the same period in 2024, dropping from 24.86 million to 18.42 million barrels. Jubilee alone recorded a 32.8% decline over the same period.

License extension clears path for new drilling

This new wave of drilling follows a key political decision. On February 20, Ghana’s Parliament ratified the extension of the Jubilee and TEN licenses through December 31, 2040, Tullow said in a statement issued the same day.

Under the revised terms, the Ghana National Petroleum Corporation (GNPC) will see its stake rise from 19.69% to 29.69% starting in July 2036. The Jubilee development plan has also been updated to allow up to 20 additional wells.

Tullow reported average production of 43,400 barrels of oil equivalent per day in the first quarter of 2026. The company expects full-year output to range between 34,000 and 42,000 barrels per day, supported by around $200 million in total investment, including $190 million allocated to Ghana.

Meanwhile, Ghana’s oil revenues dropped sharply, falling from $1.3 billion in 2024 to $770 million in 2025, a 43% decline, according to PIAC data.

Abdel-Latif Boureima