The Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco, have strongly denied accusations that they supplied outdated data to inform the valuation of Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP-2).
In a detailed statement issued, the Corporation rejected suggestions that it hid more recent 2024 appraisal information or played any role in influencing the valuation submitted by international consulting firm Sewell & Associates.
“The Sewell report contains a disclaimer and states that the data used in the report was provided by Springfield solely.”
Ghana National Petroleum Corporation (GNPC)
GNPC stressed that it had no prior knowledge that Springfield intended to procure the report, let alone what data the company planned to submit.
The rebuttal follows intense public debate surrounding the Ministry of Energy and Green Transition’s announcement that government intends to review and potentially assume Springfield’s interest in the Afina oil discovery.
The issue has sparked scrutiny from civil society, industry analysts, and political commentators.
GNPC Rejects Claims of Reusing “Discredited” 2020 Data
One major allegation circulated in media and commentary circles is that GNPC and Explorco supplied Sewell with the same dataset from the 2020 Aryeetey Report, which critics claim previously contributed to arbitration outcomes unfavourable to Ghana.
GNPC categorically dismissed this assertion, stating that it neither selected nor submitted any data for Sewell’s valuation. “It was Springfield’s sole decision to supply the 2020 GNPC data,” the Corporation emphasised.
The Sewell report itself, GNPC noted, openly states that “the raw geoscience data for the OCTP Block were not available… therefore, we used GNPC’s 14 October 2020 estimate.”
GNPC insists this disclaimer is clear evidence that the corporation had no involvement in the data submission process.
Responding to concerns that GNPC intentionally withheld more recent 2024 appraisal data to justify an inflated valuation, the Corporation called the claim both unfounded and illogical.
“GNPC and Explorco executives did not withhold the 2024 primary data.
“They were not in control of the process and therefore could not have withheld the 2024 primary data in the first place.”
Ghana National Petroleum Corporation (GNPC)
The Corporation further rejected suggestions of a coordinated effort to present inflated figures, describing any claims of a conspiracy to pay out over US$700 million as “baseless.”
“There is no such conspiracy. GNPC has not valued Springfield’s asset at US$700 million and has also not advised the Government to pay Springfield on the basis of any such valuation.”
Ghana National Petroleum Corporation (GNPC)
Government Engaged in Independent, Transparent Valuation Process
GNPC said it is fully aligned with government’s plan to conduct an independent, up-to-date valuation using both technical and commercial criteria.
According to the Corporation, this process will involve a reputable technical entity and a transaction advisor to determine the true potential of the Afina field.
“Government’s decision regarding this asset has been very transparent and has been taken in the best interest of the people of Ghana.”
Ghana National Petroleum Corporation (GNPC)
Insiders say the independent audit currently underway is expected to resolve longstanding disputes over the commerciality of the Afina discovery, an issue that has pitted Springfield against the Petroleum Commission and raised questions about the consistency of geological and flow-rate assessments.
The Afina discovery has been at the centre of technical disagreements for nearly five years. While Springfield claims production potential exceeding 4,000 barrels per day, regulatory assessments have suggested significantly lower viability.
The divergence lies at the heart of debates regarding unitisation, valuation, and now the government’s possible acquisition of Springfield’s interest.
Industry analysts argue that clear, verified data will determine whether Afina represents a commercially attractive asset or a high-risk undertaking. GNPC stressed that it is in precisely this context that the independent audit is necessary.
The Corporation also underscored that internal modelling exercises—common in upstream petroleum entities—should not be misconstrued as official recommendations.
“GNPC continues to evaluate assets on the basis of various scenarios… Such a process does not constitute a decision on any particular value at any time.”
Ghana National Petroleum Corporation (GNPC)
Awaiting the Auditor’s Verdict
With the controversy intensifying and civil society groups demanding transparency, the forthcoming independent audit is expected to play a decisive role in shaping policy.
The Ministry of Energy has pledged to publish key conclusions to build public confidence.
For now, GNPC is urging calm, stating that speculative figures and assumptions risk distorting public discourse and undermining confidence in Ghana’s upstream governance.
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