Gov’t Moves Toward State-Led Takeover of Springfield’s WCTP2 Interest to Boost Ghana’s Oil Production
The Government of Ghana has initiated a structured process that could lead to a State-led takeover of Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP2). The move, led through the Ghana National Petroleum Corporation (GNPC) and its subsidiary GNPC Explorco, forms part of efforts to revive Ghana’s declining crude oil output and secure long-term energy stability.
In a statement issued by the Ministry of Energy and Green Transition, government confirmed that it is currently in constructive discussions with SEP on the possible transfer of the company’s interest in the block. The WCTP2 area is considered to have significant future production potential but has seen delays in progressing to full field development.
To ensure that any decision is backed by strong evidence, transparency, and financial prudence, the Ghana National Petroleum Corporation and the Petroleum Commission have begun the procurement of an independent Technical Consultant and Transactional Advisor. Their mandate includes:
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A comprehensive technical assessment of the block
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Full cost audit and verification of SEP’s past expenditures
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Financial due diligence
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An independent valuation of SEP’s interest to determine a fair and equitable price
According to the Ministry, this rigorous approach is designed to protect the national interest and ensure that all actions are commercially sound.
Government’s intervention is driven by mounting concerns over Ghana’s declining oil production, which threatens national revenues and energy security at a time when global energy markets are shifting under the pressures of the energy transition. Authorities believe that accelerating the development of the WCTP2 resource base is necessary to:
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Prevent further project delays
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Unlock the asset’s long-term economic value
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Sustain upstream sector activity and jobs
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Strengthen Ghana’s energy security
The State hopes to reposition the asset for rapid development, potentially partnering with technically experienced deepwater operators capable of working with Ghana to bring the block to timely production.
Despite the government’s increasing involvement, the Ministry emphasized that its actions will continue to respect Ghana’s local content policy, which prioritizes indigenous participation in upstream oil and gas operations. The State insists that the process will help build local capacity, enhance skills transfer, and support Ghanaian-owned companies while ensuring the sector remains competitive and resilient.
The Ministry also clarified that this intervention is being undertaken without prejudice to ongoing investigations involving SEP or related entities by state institutions. It stressed that due process remains intact and that all institutions involved in the matter will retain full independence.
The statement was signed by Richmond Rockson, Esq., Spokesperson and Head of Communication, signaling government’s commitment to keep the public informed as discussions progress.
The move could reshape Ghana’s upstream landscape as authorities push to maximize domestic petroleum resources even as the global energy sector evolves.
