The Government of Ghana (GoG), through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco, is engaged in crucial, constructive discussions with Springfield Exploration and Production Limited (SEP). The focus of these talks is a potential State-led acquisition of SEP’s interest in the West Cape Three Points Block 2 (WCTP2).
This intervention is viewed as a necessary step as Ghana navigates a gradual decline in national crude production and growing global uncertainties around future energy investments. The State’s primary objective is to accelerate the development of the WCTP2 block, ensuring that commercially viable resources are brought into production quickly. This is critical for safeguarding national revenues, ensuring continuity in the upstream sector, and strengthening Ghana’s long-term energy security.
WCTP2 is recognized as one of Ghana’s most valuable undeveloped deepwater petroleum assets. Industry estimates indicate the block contains significant reserves, including 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.
For Springfield and its founder, Kevin Okyere, the discussions represent a significant moment in the company’s history. Okyere established Springfield in 2008 and successfully built it into the first wholly Ghanaian-owned firm to drill in deepwater. His early ventures in petroleum product trading and logistics evolved into a fully integrated energy business, positioning Springfield as a major example of indigenous participation in an industry historically dominated by multinational operators.
The foundation of the current negotiations is Springfield’s 2019 drilling campaign on WCTP2, which resulted in the major Afina discovery. Although the scale of the find has long been recognized, its development has encountered unitisation constraints.
Commenting on the process, Kevin Okyere confirmed the company’s commitment to a swift resolution. “We are fully engaged in discussions with the Government regarding the future of the WCTP2 block,” he stated. “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 mobilize the asset more quickly, potentially in partnership with international operators willing to collaborate with GNPC or its subsidiary on the next phase of development.
Both parties described the discussions as constructive, and officials have indicated that they will publish updates on the progress in the near future.
