The Government of Ghana is exploring a potential state-led takeover of Springfield Exploration and Production Limited’s (SEP) stake in the West Cape Three Points Block 2 (WCTP2) to revive falling oil production and secure key national assets.
Richmond Rockson, spokesperson for the Ministry of Energy, announced that the Ghana National Petroleum Corporation (GNPC) and its subsidiary GNPC Explorco are in constructive talks with SEP to evaluate the possibility of the acquisition.
This move is part of a wider plan to prevent valuable petroleum resources from remaining undeveloped due to ongoing commercial or operational challenges. The Petroleum Commission and GNPC have hired independent technical consultants and transactional advisors to conduct a full technical review, audit past costs, perform financial due diligence, and independently assess the fair value of SEP’s share.
The government stressed the urgency of advancing development in WCTP2 amid declining crude output and the pressures from the global energy transition. Officials believe quick action could unlock stalled value, protect state revenues, and enhance energy security.
The Ministry indicated that future development might include partnerships with experienced deepwater operators to speed up production if needed. The approach is consistent with Ghana’s commitment to local content and building a strong, competitive, and locally led oil and gas sector.
The statement clarified that this intervention will not interfere with any ongoing investigations related to SEP, emphasizing that all steps will respect due process and institutional independence.
Story by: Mercy Addai Turkson #ahotoronline.com