Springfield Exploration and Production Limited (SEP) has broken its silence following media reports suggesting the company is the subject of a petition by Petraco Oil Company SA to Ghana’s Economic and Organised Crime Office (EOCO).
The Ghanaian oil and gas firm has categorically dismissed the allegations as “misleading” and “baseless,” insisting the matter in question is a standard commercial disagreement currently under arbitration.
In a firm rebuttal issued Monday, Springfield described the narrative being pushed in the media as part of a broader attempt to damage its reputation and interfere with a legal process that is yet to run its full course.
“This is a straightforward commercial dispute, not a criminal matter,” Springfield said in its statement, warning against what it called “sensationalized and inaccurate reporting” based on unverified claims. “The allegations in Petraco’s petition do not reflect the true nature of our business relationship and are being deliberately misrepresented.”
Commercial Dispute, Not Criminal Conduct
At the heart of the matter is a $100 million facility agreement signed between the two companies in February 2023. Petraco disbursed a first tranche of $50 million under the agreement, and Springfield offered security through a 10% equity charge. However, Springfield contends that Petraco went beyond the agreed terms by registering its interest over the entire 10%, despite having released only half of the funds.
The Ghanaian company stressed that the deal was signed after extensive due diligence by Petraco’s legal and technical teams, especially on Springfield’s key asset — its stake in the West Cape Three Points Block 2, offshore Ghana.
Media Trial Undermines Legal Process
Springfield expressed frustration that an unresolved commercial issue is being spun as potential criminal wrongdoing. “Dragging a matter that is already under arbitration into the public space with the intention of inciting public mistrust and regulatory suspicion is damaging and unfair,” the company stated.
The company warned media outlets and commentators to refrain from drawing legal conclusions based on an ongoing arbitration process, cautioning that continued defamation may trigger legal recourse.
Reaffirming Credibility and National Role
Springfield, which holds majority interest and operatorship of the West Cape Three Points Block 2 alongside the Ghana National Petroleum Corporation (GNPC) and its subsidiary EXPLORCO, used the opportunity to reiterate its track record as a law-abiding indigenous company with a vested interest in Ghana’s energy future.
“We welcome scrutiny and accountability, but we insist it must be grounded in fact, not conjecture,” the company said.
Springfield concluded its statement by urging the media and public to allow due process to take its course and encouraged professional engagement based on fairness, truth, and responsibility.
The unfolding situation, involving one of Ghana’s pioneering indigenous upstream companies, is being closely watched by industry stakeholders, who say the outcome could influence the broader climate of investor confidence and regulatory oversight in Ghana’s petroleum sector.
