Ghana to acquire Springfield’s oil block in $3bn deal

By Chukwuma Umeorah

The Government of Ghana (GoG), through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, is in advanced discussions to acquire Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP2).

The block, considered one of Ghana’s most valuable undeveloped deepwater assets, holds more than 1.5 billion barrels of oil in place and an estimated 1.2 trillion cubic feet of gas, carrying a potential value exceeding US$3 billion.

Officials said the talks aim to accelerate the development of the block and ensure that commercially viable resources are brought into production without delay, amid a gradual decline in national crude output and growing uncertainties in global energy investments.

Founder of Springfield, Kevin Okyere, described the discussions as constructive. “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,” he said.

Springfield, established in 2008, is the first wholly Ghanaian-owned company to drill in deepwater and has grown into a fully integrated energy business. Okyere added that its 2019 drilling campaign on WCTP2 resulted in the Afina discovery, which underpins the current negotiations. The development of the find has faced unitisation constraints, which the state-led intervention seeks to address.

Government officials added that acquiring the block could allow the state 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 move is seen as a measure to protect national revenues, ensure continuity in the upstream sector, and strengthen Ghana’s long-term energy security.

They described the discussions as constructive and indicated that progress updates will be published in the near future.