The Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, have refuted allegations that they provided outdated or misleading data for the valuation of Springfield Exploration and Production Limited’s interest in the West Cape Three Points (WCTP) Block 2.
In a statement issued in Accra on November 24, 2025, the two institutions described recent media reports circulating after a press release from the Ministry of Energy and Green Transition as misleading, insisting that Springfield alone supplied the data used by U.S.-based consultants, Sewell, for the valuation.
The controversy centers on claims that GNPC and Explorco supplied Sewell with secondary data from a 2020 GNPC report (“Aryeetey Report”), rather than providing available 2024 appraisal data that was reportedly discredited by the Petroleum Commission.
GNPC, however, said it had no involvement in the valuation exercise conducted by Sewell.
According to the Corporation, Sewell’s own report contains a disclaimer stating that all data used in the valuation was provided solely by Springfield.
GNPC added that it had no prior knowledge of Springfield’s intention to commission the Sewell report and therefore could not have supplied the consultants with either the 2020 or 2024 datasets.
The Corporation also denied assertions that the same dataset previously used in an arbitration case which Ghana reportedly lost was supplied by GNPC. It stressed that the decision to provide the 2020 data was entirely Springfield’s.
On claims that GNPC withheld 2024 primary appraisal data, the Corporation said it “was not in control of the process” and therefore could not have hidden or withheld information.
Responding to allegations of a “conspiracy” to inflate asset values to justify a payout of more than US$700 million of state funds, GNPC dismissed the claims as unfounded. It stated that it has not valued Springfield’s asset at US$700 million nor advised the government to make any such payment.
GNPC explained that as part of its commercial mandate, it evaluates petroleum assets using various scenarios and assumptions, but such internal assessments do not constitute final decisions or valuations.
The Corporation said government is currently in the process of engaging a competent technical firm and a transaction advisor to conduct an independent valuation of WCTP Block 2 and other related assets using the most up-to-date data.
GNPC assured the public that the government’s approach to the matter has been transparent and guided by the best interests of the country.
Source: www.kumasimail.com
