Springfield Exploration and Production Limited (SEP) is currently engaged in constructive talks with the Government of Ghana (GoG), through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, on a potential State-led acquisition of the West Cape Three Points Block 2 (WCTP2).
This was recently disclosed in a press statement, with the block regarded as one of Ghana’s most valuable undeveloped deepwater petroleum assets, containing more than 1.5 billion barrels of oil in place volumes (STOIIP) and an estimated 1.2 trillion cubic feet of gas, carrying a potential value exceeding US$3 billion.
“These discussions come as Ghana navigates a gradual decline in national crude production and growing uncertainties around future global energy investments,” the statement read.
“According to officials, the State’s objective is to accelerate development of the block and ensure that commercially viable resources do not delay in coming into production.
“For Springfield and its founder, Kevin Okyere, the discussions represent a significant moment in the company’s journey.”
Okyere established Springfield in 2008 and built it into the first wholly Ghanaian-owned firm to drill in deepwater.
His early ventures in petroleum product trading and logistics grew into a fully integrated energy business, positioning Springfield as a major example of indigenous participation in an industry historically dominated by multinational operators.
Springfield’s 2019 drilling campaign ON WCTP2 resulted in the major discovery OF Afina, which underpins the current negotiations. The scale of the find has long been recognised within the industry, although its development has encountered unitisation constraints.
Speaking on the process, Okyere said:
“We are fully engaged in discussions with the Government regarding the future of the WCTP2 block. Our position is straightforward: this asset must be advanced, and we are committed to ensuring that the process leads to a decisive and constructive outcome that serves the best interest of Ghana and all stakeholders.”
Government officials maintain that the State is well positioned to mobilise the asset more quickly, potentially in partnership with international operators willing to collaborate with GNPC or its subsidiary, on the next phase of development.
The proposed intervention is viewed as a means to safeguard national revenues, ensure continuity in the upstream sector, and strengthen Ghana’s long-term energy security.
Officials described the discussions as constructive and will publish the progress in the near future.
