Kosmos nears 90,000 bopd at Jubilee following Ghana well startup
(WO) — Kosmos Energy reported strong operational performance across its portfolio during the first half of 2026, highlighted by new production from Ghana's Jubilee field, continued progress at the Greater Tortue Ahmeyim (GTA) LNG project offshore Mauritania and Senegal, and ongoing debt reduction.
In Ghana, the third well of the company's 2026 drilling campaign, J76, came online in mid-June, approximately two weeks later than originally planned. The well is producing about 20,000 bopd gross and benefits from updated seismic imaging and enhanced reservoir modeling, according to Kosmos.
Gross production at the Jubilee field averaged approximately 72,000 bopd during the second quarter, exiting the quarter above 85,000 bopd.
The next producer well, J77, has been completed and is expected to begin production shortly, increasing gross Jubilee output to approximately 90,000 bopd. A fourth producer well, J50, is scheduled to come online near the end of July, followed by a water injector expected during the third quarter to support future drilling in the northeastern area of the field.
At the Greater Tortue Ahmeyim (GTA) LNG project, Kosmos said operations continued to perform strongly, with nine LNG cargoes and one condensate cargo lifted during the second quarter, reaching the upper end of company guidance.
In the U.S. Gulf of America/Mexico, the company said progress continues on the planned farm-down of its Tiberius discovery following project sanction in March, with the transaction expected to close during the third quarter.
Kosmos also completed the sale of its Ceiba and Okume assets in Equatorial Guinea to Panoro Energy on June 16. As a result, production from those assets was no longer recognized during the remainder of the second quarter. The company said full-year production guidance will be updated with its second-quarter earnings results in August.
Financially, Kosmos reduced net debt to approximately $2.56 billion at the end of the second quarter, down more than $400 million since year-end 2025 through free cash flow generation and debt reduction initiatives. Liquidity exceeded $500 million, and the company expects to begin refinancing discussions on its reserve-based lending facility in the near term.
"We continue to execute on the key priorities I outlined with our full-year results in early March—growing production, reducing costs and paying down debt," said Chairman and Chief Executive Officer Andrew Inglis. "Initial results from the 2026 Ghana drilling program, in particular J76, highlight the potential of Jubilee with high-impact wells, supported by both modern seismic and enhanced reservoir modelling."
Kosmos said it remains on track to reduce net debt by approximately 20% year over year by the end of 2026.
