The Government of Ghana, through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, is exploring a possible acquisition of Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP2).
The move is part of a national strategy aimed at safeguarding strategic petroleum assets, accelerating development, and preventing valuable oil resources from remaining underutilized due to operational or commercial challenges.
In a statement, the Ministry of Energy indicated that the Petroleum Commission and GNPC are engaging a reputable Technical Consultant and an independent Transactional Advisor to ensure a transparent and professionally guided process. The advisors will conduct a full technical assessment, financial due diligence, cost audits, and provide an independent valuation of SEP’s stake.
The Government stressed that the intervention is critical amid declining crude oil output in recent years and global energy transition uncertainties. Officials emphasized that accelerating development of WCTP2 is urgent to sustain production and protect national interests.
“All decisions will be evidence-based, commercially prudent, and in the best interest of the Republic of Ghana,” the Ministry said, underlining the country’s commitment to securing its petroleum resources while boosting domestic production.
