The Government of Ghana is in advanced discussions with Springfield Exploration and Production Limited (SEP) over a potential state-led takeover of the company’s interest in the West Cape Three Points Block 2 (WCTP2), according to an official statement.
The engagement, led by the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, forms part of a broader government strategy to safeguard national petroleum assets, boost production, and prevent resource stagnation caused by prolonged commercial or operational challenges.
To ensure a transparent and professionally guided process, the Petroleum Commission and GNPC are jointly procuring a reputable technical consultant and an independent transactional adviser.
Their mandate includes a full technical assessment of the block, auditing past expenditures, conducting financial due diligence, and determining a fair valuation of SEP’s stake in the asset.
Officials say the approach is intended to ensure decisions are evidence-based and in Ghana’s best economic interest.
The statement notes that Ghana’s crude oil output has been declining in recent years, making swift action on WCTP2 critical.
Authorities believe that early intervention will prevent further development delays, unlock long-term economic value, sustain upstream activity, and bolster energy security.
Government also hinted at the possibility of partnering with technically experienced deepwater operators to fast-track development of the block once the State secures control.
Local Participation to Remain a Priority
Despite the potential takeover, government says it remains committed to promoting indigenous participation in the petroleum sector.
The process, it emphasized, aligns with national policies aimed at strengthening local technical capacity, ensuring skills transfer, and maintaining a competitive Ghanaian presence in upstream operations.
The statement clarified that the ongoing discussions do not interfere with investigations involving SEP or its related entities. Government says all actions will respect due process and preserve the independence of state institutions.
Source :www.kumasimail.com
