Tullow Ghana Limited has signed a landmark agreement to acquire the FPSO Prof. John Evans Atta Mills for $205 million, a move aimed at significantly reducing operating costs at the Tweneboa, Enyenra, and Ntomme (TEN) fields.
The transaction, expected to close by the end of Q1 2027, will see Tullow and its joint venture partners—GNPC, GNPC Explorco, Kosmos Energy, and PetroSA—transition from leasing the vessel to full ownership.
By eliminating the annual lease payments currently paid to Modec, Tullow expects to save approximately $125.6 million net—roughly equivalent to a single year’s lease cost. CEO of Tullow, Ian Perks noted that the deal will “reset fixed costs” and boost free cash flow potential beyond 2027.
“This acquisition will deliver material cost savings and underpin the longer-term development of both the TEN and Jubilee fields,” Perks stated.
Following the buyout, Tullow plans to maximise synergies between the TEN field and the adjacent Jubilee Field. This integration is part of a broader strategy to extend the economic life of Ghana’s offshore assets, supported by the recent parliamentary ratification of license extensions through 2040.
Built by Modec, the FPSO began production in August 2016 and remains a cornerstone of Ghana’s oil and gas infrastructure, capable of storing up to 1.7 million barrels of crude oil.
