The Government of Ghana is considering a State-led takeover of Springfield Exploration and Production Limited’s (SEP) stake in the West Cape Three Points Block 2 (WCTP2) as part of efforts to safeguard declining petroleum assets and boost national oil production.
This was disclosed in a statement signed by Richmond Rockson, Spokesperson and Head of Communication at the Ministry of Energy.
According to the statement, the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco, are in “constructive discussions” with SEP to explore the takeover option. The move forms part of the government’s broader strategy to optimise upstream output and prevent valuable resources from remaining idle due to “prolonged commercial or operational bottlenecks.”
To guide the process, the Petroleum Commission and GNPC are procuring an independent Technical Consultant and Transactional Advisor. Their work will include a full technical assessment of the block, a cost audit of past expenditures, financial due diligence, and an independent valuation to determine the fair value of SEP’s interest.
“Government considers it urgent to advance the development of the WCTP2 resource base,” the statement noted, citing the country’s declining crude production and global uncertainties within the energy transition. Officials believe timely intervention will prevent further delays, unlock economic value, sustain upstream revenues, and strengthen Ghana’s energy security.
The Ministry added that any future development of the block could involve partnerships with technically experienced deepwater operators to accelerate output.
Government also reiterated its commitment to local content, saying the intervention aligns with national policy objectives to build a “competitive, resilient, and locally empowered oil and gas sector.”
The statement stressed that the ongoing process does not interfere with any investigations involving SEP or its affiliates, adding that due process and institutional independence remain fully respected.