The Ministry of Energy and Green Transition has confirmed that the Government of Ghana is in advanced discussions with Springfield Exploration and Production Limited (SEP) over a potential state-led takeover of the company’s interest in the West Cape Three Points Block 2 (WCTP2).
The move forms part of a broader national strategy aimed at protecting petroleum assets, reviving production levels, and ensuring that oil resources do not remain dormant due to operational constraints.
In a statement issued on 19 November 2025, the Ministry said the discussions are being spearheaded by the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco.
According to the release, government’s objective is to “safeguard national petroleum assets, optimise upstream output, and ensure that valuable resources do not remain stranded due to prolonged commercial or operational bottlenecks.”
To ensure a transparent and credible assessment of the WCTP2 block, government agencies are enlisting the support of independent experts.
The Petroleum Commission and GNPC are in the process of engaging a technical consultant alongside an independent transactional advisor who will evaluate the asset and guide the decision-making process.
Their mandate, the statement said, includes a full technical assessment of the block, verification of past expenditures, financial due diligence, and an independent valuation to determine “the fair and equitable value of SEP’s interest.”
The Ministry stressed that the involvement of these external specialists is meant to guarantee “a rigorous, transparent, and professionally grounded process” that protects the long-term interest of the Republic of Ghana.
Declining Output Drives State Intervention
The Ministry framed the potential takeover as a necessary step for Ghana’s energy security. National crude oil production has steadily declined in recent years, threatening government revenue and slowing activity in the upstream sector.
In the current global context shaped by energy transition pressures and market uncertainty, government considers it urgent to fast-track development of the WCTP2 resource base.
The statement explained that a timely intervention is essential to prevent further delays to field development and to unlock the long-term economic value of the asset.
Government also aims to sustain upstream activity and associated revenues, while reinforcing energy security in an increasingly unpredictable global environment.
According to the Ministry, the intention is to reposition the block for accelerated development, potentially in partnership with operators who possess strong technical capacity and deepwater expertise.
Even as government pursues a more direct role in the WCTP2 asset, the Ministry emphasised that the intervention aligns with national policy priorities designed to empower Ghanaian companies.
The statement reaffirmed government’s commitment to strengthening local capacity and expanding opportunities for indigenous participation within the oil and gas sector.
It noted that the process is guided by the country’s local content framework, which seeks to build “a competitive, resilient, and locally empowered oil and gas sector.”
According to the Ministry, the long-term goal remains unchanged: to ensure that the exploitation of Ghana’s petroleum resources contributes to national development while allowing local expertise to grow alongside international partnerships.
Investigations Ongoing
The Ministry also addressed public interest concerns regarding ongoing investigations involving Springfield or its affiliated companies.
“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.”
Richmond Rockson, Spokesperson and Head of Communication for the Ministry
Government sees the potential acquisition of SEP’s interest in WCTP2 as a strategic turning point for Ghana’s upstream sector.
The Ministry of Energy and Green Transition believes the move could position the WCTP2 block for renewed activity and help reverse the decline in national crude production.
The spokesperson and Head of Communication for the Ministry, Richmond Rockson, signed the statement, reiterating that the government’s actions are aimed at ensuring the country’s petroleum assets continue to deliver value.
With technical evaluations underway and negotiations ongoing, the coming months will be crucial in determining whether the state-led takeover proceeds and what form Ghana’s next phase of upstream development will take.
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