The Ghanaian government is exploring a state-led acquisition of Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP2) as authorities seek to halt a five-year decline in crude output and prevent strategic petroleum resources from lying idle.
According to the Ministry of Energy, discussions are being led by the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco.
The government described the talks as essential to “safeguard national petroleum assets” and ensure resources are not stranded due to commercial or operational hurdles.
“With Ghana’s national crude oil production declining over recent years, coupled with uncertainties within the global energy transition, the Government considers it urgent to advance the development of the WCTP2 resource base,” the ministry said in a statement.
Crude production in the first half of 2025 fell 25.9 percent compared with the same period in 2024, according to the Public Interest and Accountability Committee (PIAC).
Output from the Jubilee, TEN, and Sankofa‑Gye Nyame fields dropped to 18.42 million barrels from 24.86 million barrels a year earlier, with Jubilee alone falling 32.8 percent due to planned shutdowns, maintenance, and natural reservoir decline.
WCTP2, operated by Springfield, holds an estimated 1.5 billion barrels of oil in place and 0.7 trillion cubic feet of associated gas.
The block has faced delays, partly due to legal and regulatory challenges, including a 2024 international arbitration ruling that found procedural flaws in a prior government directive to unitise the Afina field with Eni’s adjacent Sankofa block.
More Read
The directive was rescinded in early 2025, leaving Springfield free to manage the discovery independently.
The government has begun the process of hiring independent technical consultants and transaction advisers to assess the block, verify historical expenditures, conduct financial due diligence, and establish an independent valuation.
The statement indicated that the process would be “rigorous, transparent, and professionally grounded” to ensure a fair and commercially sound transaction.
The Ministry also noted that any takeover would align with Ghana’s local content policy.
Indigenous participation remains a priority, with the government seeking to strengthen national technical capacity, improve skills transfer, and maintain the role of Ghanaian companies in upstream operations.
Founded in 2008, Springfield was the first indigenous Ghanaian company to operate a deepwater block.
Last year, its appraisal of Afina‑1X confirmed strong reservoir performance, with flow rates of 4,500 barrels per day and a gas/condensate potential of up to 12,000 barrels of oil-equivalent per day.
The statement noted that a timely government intervention could accelerate development, unlock long-term economic value, and potentially reposition the block for joint development with a technically capable operator, securing Ghana’s energy future.
Oil majors circle Lukoil’s overseas portfolio ahead of US sanctions
