Kosmos Energy and its partners have agreed to acquire Ghana’s Attah Mills floating production, storage and offloading (FPSO) vessel at the end of its lease in 2027, a move expected to cut operating costs and strengthen financial leverage as the company expands its West African portfolio.
Named after Ghana’s former President, the FPSO vessel is crucial for Ghana’s Tweneboa, Enyenra, and Ntomme (TEN) oil fields. It was built by Mitsui while its operations are being managed by MODEC for Tullow Oil (54.84%), the field operator. Kosmos has a 20.38% stake in the field, alongside GNPC (20.95%) and PetroSA (3.82%).
Last week, Kosmos announced that the final sale and purchase terms have been agreed upon, with the formal agreement expected to be executed early this year. The financial details were not disclosed.
The decision to acquire the vessel comes as Kosmos reported strong operational gains in Ghana, where the Jubilee field has been boosted by the successful drilling of the J-74 producer well. The well is expected to deliver more than 10,000 b/d, lifting gross output at Jubilee to nearly 70,000 b/d at the start of 2026, compared with an average of 59,000 b/d in the final quarter of 2025.
In addition to the FPSO acquisition, the partnership has approved five new wells for 2026. Ghana’s government also granted licence extensions in December 2025 for the West Cape Three Points and Deep Water Tano petroleum agreements, which, once ratified by parliament, will extend production at the Jubilee and TEN fields until 2040.
Kosmos said the transition to partnership ownership of the FPSO will reduce costs and improve margins, following a third quarter in which Ghana was the company’s strongest performer. Gross oil output in the country reached 62,500 b/d, a 13% increase quarter-on-quarter, while net production attributable to Kosmos stood at 31,300 barrels of oil equivalent per day (boe/d). Operating costs fell nearly 40% compared with the previous quarter, with capital expenditure kept below guidance at $67m.
The developments come against the backdrop of Ghana’s wider oil industry struggles. National output has been in decline since peaking at 72.44m barrels in 2019, with low reinvestment and natural declines in mature offshore fields straining efforts to meet rising domestic energy demand.
Beyond Ghana, Kosmos reported progress in Mauritania and Senegal, where the Greater Tortue Ahmeyim (GTA) liquefied natural gas project reached nameplate capacity in December 2025. The floating LNG vessel achieved peak production of about three million tonnes per annum, underscoring the company’s broader West African growth strategy.
Despite missing analyst expectations with Q3 2025 revenue of $310.96m and posting a net loss per share of $0.15, Kosmos said Ghana’s operational strength and upcoming investments position the country as a key growth engine heading into 2026.
A recent statement from the country’s Ministry of Finance revealed the government has cleared $1.47bn in energy sector debt, signalling a major reset of the country’s beleaguered power sector as well as addressing years of unpaid gas supplies from the Offshore Cape Three Points (OCTP) field.