The Government of Ghana, through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, is engaged in constructive discussions with Springfield Exploration and Production Limited (SEP) on a potential State-led takeover of SEP’s interest in the West Cape Three Points Block 2 (WCTP2).
This initiative forms part of the Government’s broader strategy to safeguard national petroleum assets, optimize upstream output, and ensure that valuable resources do not remain stranded due to prolonged commercial or operational bottlenecks.
To ensure a rigorous, transparent, and professionally grounded process, the Petroleum Commission (PC) and GNPC are jointly procuring the services of a reputable Technical Consultant and an independent Transactional Advisor. Their mandate will cover comprehensive technical assessment, full cost audit and verification of past expenditures, financial due diligence, and independent valuation to determine the fair and equitable value of SEP’s interest.
📢 GET DETAILED ARTICLES + JOBS
Join THSB's WhatsApp Channel and never miss a post or opportunity.
The Government considers it urgent to advance the development of the WCTP2 resource base due to Ghana’s declining national crude oil production and uncertainties within the global energy transition. A timely intervention is necessary to prevent further delays, unlock long-term economic value, sustain upstream activity and national revenues, and enhance energy security.
The Government intends to reposition the asset for accelerated development, potentially through partnerships with technically strong and experienced deepwater operators.
The Government remains committed to deepening indigenous Ghanaian participation, strengthening national technical capacity, and ensuring adherence to Ghana’s local content framework. This intervention aligns with national policy objectives of building a competitive, resilient, and locally empowered oil and gas sector.
This process is being carried out without prejudice to any ongoing investigations concerning SEP or its affiliated entities by the appropriate State institutions. Due process and institutional independence remain fully respected.
Disclaimer: Some content on The High Street Business may be aggregated, summarized, or edited from third-party sources for informational purposes. Images and media are used under fair use or royalty-free licenses. The High Street Business is a subsidiary of SamBoad Publishing under SamBoad Business Group Ltd, registered in Ghana since 2014.
For concerns or inquiries, please visit our Privacy Policy or Contact Page.
Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.
