The Government of Ghana is in advanced discussions with Springfield Exploration and Production Limited (SEP) on a potential state-led acquisition of the company’s interest in the West Cape Three Points Block 2 (WCTP2), one of the country’s most valuable undeveloped deepwater oil and gas assets.
According to officials, the negotiations involve the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco, as the State seeks to accelerate development of the high-potential block. WCTP2 is estimated to hold more than 1.5 billion barrels of oil in place and approximately 1.2 trillion cubic feet of gas, with a projected value exceeding US$3 billion.
The move comes at a critical time, as Ghana faces a gradual decline in crude production and uncertainty surrounding future global energy investments. Government authorities believe that bringing WCTP2 into production swiftly is essential to safeguarding national revenues and maintaining momentum in the upstream petroleum sector.
For Springfield and its founder, Kevin Okyere, the ongoing negotiations mark a significant chapter in the company’s trajectory. Since establishing Springfield in 2008, Okyere has transformed the firm from a petroleum trading and logistics outfit into the first wholly Ghanaian-owned company to drill in deepwater. The company’s 2019 drilling campaign on WCTP2 led to the major Afina discovery, which now forms the centrepiece of the acquisition talks.
Okyere, commenting on the discussions, 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 representatives have indicated that the State is well positioned to expedite development, potentially through partnerships with international operators willing to work alongside GNPC or its subsidiary on the project’s next phase. The proposed acquisition is being framed as a strategic intervention to strengthen Ghana’s energy security and ensure the timely commercialisation of a nationally significant resource.
Officials described the talks as constructive and affirmed that updates on progress will be released in due course.
Melissa Enoch
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