By Rebecca Ampah
The Government of Ghana has initiated steps toward a potential state-led takeover of Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP2), according to a statement issued by the Ministry of Energy on Wednesday, November 19, 2025.
The move, led by the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, forms part of government’s broader strategy to safeguard national petroleum assets and unlock stalled upstream activity.
According to the Ministry, discussions with Springfield are ongoing, with the objective of ensuring that valuable petroleum resources at WCTP2 do not remain stranded as a result of prolonged commercial or operational challenges.
To ensure a transparent and professionally grounded intervention, the Petroleum Commission and GNPC have jointly engaged a reputable Technical Consultant and an independent Transactional Advisor.
Their work will include a full technical assessment of the WCTP2 block, verification of all past expenditures, financial due diligence, and an independent valuation of SEP’s interest.
The Ministry said this framework ensures that all decisions taken are evidence-based, commercially prudent, and aligned with the national interest.
Ghana’s crude oil production has been declining in recent years, raising concerns about energy security and future revenue mobilization. Government believes the development of WCTP2 is critical to reversing this trend, particularly as the global energy transition creates new uncertainties for oil-dependent economies.
A state-led intervention, the Ministry explained, is essential to:
• Prevent further delays to field development
• Unlock the block’s long-term economic value
• Sustain upstream activity and national revenue flows
• Strengthen Ghana’s overall energy security
Government is seeking to reposition the block for accelerated development through partnerships with technically strong and experienced deepwater operators.
The Ministry reaffirmed its commitment to deepening local participation in the oil and gas sector. It noted that any restructuring of SEP’s interest would prioritise capacity building, skills transfer, and the involvement of indigenous Ghanaian companies, in line with the country’s local content policies.
The intervention, the statement stressed, fits into national efforts to build a competitive, resilient, and locally empowered petroleum industry.
The Energy Ministry clarified that the process is being undertaken without prejudice to any ongoing investigations involving SEP or its affiliated entities by state institutions. It assured that due process and institutional independence will remain fully respected.
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