In a strategic move, the partners operating Ghana’s Tweneboa, Enyenra and Ntomme (TEN) oil fields have agreed to buy the floating vessel that produces and stores oil from the fields.
This decision is expected to significantly cut costs and improve operations in the years ahead.
The partnership, which includes Tullow Oil, Kosmos Energy, GNPC and Petro SA, has reached final sale and purchase terms to acquire the TEN Floating Production, Storage and Offloading vessel (FPSO) when its current lease ends in 2027.
The final purchase agreement is expected to be signed in early 2026 and will move the vessel from a lease to ownership by the partners.
This decision was announced by Kosmos Energy in its latest operational and financial update.
In offshore oil production, FPSOs are almost always leased rather than owned. Leasing allows companies to avoid the huge upfront cost of buying the vessel, but it also means paying high rental fees year after year.
This means that by choosing to buy the TEN FPSO, the partners are taking a different path. Once the lease ends and ownership transfers to the partnership, those recurring lease payments will stop. This alone is expected to reduce the cost of running the TEN fields significantly.
With the outright purchase of the vessel resulting in lower operating costs, it is expected that the TEN fields can be run more efficiently, especially as they mature. Savings from the FPSO purchase can be redirected into maintenance, new drilling opportunities, or extending the life of the fields.
“The TEN partnership has agreed final sale and purchase terms to acquire the TEN FPSO at the end of its current lease in 2027, and we expect the final agreed Sale and Purchase Agreement to be executed early in 2026,” Kosmos Energy announced.
It added that, “as ownership is transitioned to the partnership, we expect TEN operating costs to significantly reduce and positively impact the Company’s leverage in 2026.”
Kosmos Energy holds about 20.4 percent of the TEN project, the move is al expected to strengthen its financial position in 2026. Reduced operating expenses will help ease pressure on borrowing and improve overall financial stability.
Other partners of the TEN project are Tullow Oil, holding about 54.8 percent, Ghana National Petroleum Corporation (GNPC), holding just under 21 percent, and Petro SA of South Africa, also holding 3.8 percent
Together, the partners believe owning the FPSO will give them greater control over costs and long-term planning.
The decision to buy the FPSO can be seen as a clear signal of confidence in the TEN fields. Rather than treating the project as short-term, the partners are planning for continued production and efficiency well into the future.
