The Government of Ghana, via the Ghana National Petroleum Corporation (GNPC), has initiated measures for a possible state-led acquisition of Springfield Exploration and Production’s Afina-1x oil well located in the West Cape Three Points Block 2, recognized as one of the nation’s most disputed undeveloped oil fields.
As stated in an official announcement from the Ministry of Energy and Green Transition, the Ghana National Petroleum Corporation (GNPC), along with its upstream subsidiary GNPC Explorco, is engaged in constructive negotiations with Springfield as part of a strategy aimed at protecting petroleum assets and preventing economically viable reserves from being left undeveloped.
To promote transparency and technical integrity, the Petroleum Commission and GNPC have commenced a procurement process to appoint an independent Technical Consultant and a Transactional Advisor.
The responsibilities of the consultant and advisor encompass developing a thorough technical assessment of the WCTP2 block, conducting a complete audit and verification of previous expenditures, and preparing a financial and commercial due diligence report.
Furthermore, they are tasked with performing an independent valuation of Springfield’s stake.
According to the government, these independent evaluations are intended to establish a fair and commercially viable foundation for any prospective acquisition.
The government’s strategy includes repositioning the asset for expedited development, potentially in collaboration with seasoned deepwater operators.
“This strategy guarantees that all decisions are based on evidence, commercially sensible, and in the best interests of the Republic of Ghana,” part of the statement signed by Richmond Rockson, Spokesperson and Head of Communication at the Ministry of Energy and Green Transition, indicated.
The statement also notes that these processes are being carried out without prejudice to ongoing investigations involving Springfield or related entities, ensuring that institutional independence is fully maintained.
The call for intervention comes after several years of halted advancement on the Afina field, even though its discovery has been confirmed, as Ghana’s oil output decreases amid a global transition that is altering upstream investment.
Additionally, the statement emphasized the government’s dedication to local content and the involvement of indigenous entities, highlighting that any forthcoming development of WCTP2 will be in accordance with national policy aimed at fostering a competitive oil and gas sector led by Ghanaians.
