Govt Negotiating Springfield’s West Cape Three Points Block 2 Takeover
The government of Ghana has taken a step towards taking over and leading Springfield Exploration and Production Limited (SEP)’s West Cape Three Points Block 2 (WCTP2).
In a statement, the Ministry of Energy and Green Transition said discussions have started through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco.
It explained that the proposed initiative forms part of the government’s broader strategy to safeguard national petroleum assets, optimise upstream output, and ensure that valuable resources do not remain stranded due to prolonged commercial or operational bottlenecks.
Significance
The move, according to the Ministry, has become urgent to advance the development of the WCTP2 resource base in the face of declining national crude oil production, coupled with uncertainties within the global energy transition.
It furthered that it had become necessary and essential to prevent further delays to field development; unlock the block’s long-term economic value; sustain upstream activity and associated national revenues; and enhance Ghana’s overall energy security.
“The intention is to reposition the asset for accelerated development, potentially through partnerships with technically strong and experienced deepwater operators willing to collaborate with the State.”
Team
The Energy Ministry said the Petroleum Commission (PC) and GNPC are jointly procuring the services of a reputable Technical Consultant and an independent Transactional Advisor to ensure the negotiation is grounded in transparency and professionalism.
They are responsible for a comprehensive technical assessment of the WCTP2 block; full cost audit and verification of past expenditures; financial due diligence on the asset; and independent valuation to determine the fair and equitable value of SEP’s interest.
“This approach ensures that all decisions are evidence-based, commercially prudent, and in the best interest of the Republic of Ghana.”
Local Participation
It also reaffirmed its commitment to the participation of indigenous Ghanaian companies, strengthening national technical capacity and skills transfer and ensuring that Ghana’s local content framework continues to guide upstream operations.
“The intervention is therefore aligned with national policy objectives of building a competitive, resilient, and locally empowered oil and gas sector.”
Story by Hajara Fuseini
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