Ghana’s state-owned petroleum company GNPC has opened talks with Springfield Exploration and Production, which could result in the takeover of the indigenous player’s idle West Cape Three Points Block 2 (WCTP2) oil asset, as the government battles to boost national output.
A statement emanating from the country’s Ministry of Energy & Green Transition on Wednesday, signed by its spokesperson Richmond Rockson, reveals that independent technical consultants and transactional advisors are being engaged to assess the block’s value, audit past costs, and guide negotiations.
Depending on the outcome of the process, Springfield’s assets could either be appraised for takeover by a neutral player or bought by the government which has expressed strong concerns over the country’s declining oil output.
Ghana’s crude oil production fell 25.9% in the first half of 2025, the lowest since 2016, caused primarily by natural field declines and underinvestment.
In addition to cutting heavy dependence on fuel imports, Accra wants to reverse this oil production decline and has doubled down on efforts in recent months to bring every idle asset online.
“Government considers it urgent to advance the development of the WCTP2 resource base,” the statement read, citing the country’s declining crude production and global uncertainties within the energy transition.
Springfield’s flagship WCTP2 block is estimated to hold 1.5 billion barrels of oil, including the Afina discovered in 2019. The historic find made Springfield the first independent Ghanaian company to achieve a deepwater oil discovery.
However, since that breakthrough, the wholly private company has faced both operational uncertainty and reputational challenges due to legal issues involving its top leadership.
Springfield’s chief executive Kevin Okyere is entangled in a high-stakes international fraud case linked to a $94m fraud allegation filed by Switzerland-based Petraco Oil Company SA in the UK and United Arab Emirates after being frustrated by a lack of action from Ghanaian authorities.
Petraco alleges that the Ghanaian Briton and his company Springfield, along with Ghanaian partner GMP Energy Limited, diverted proceeds from crude oil lifting under their joint venture, Petraco Energies DMCC, amounting to $94m.
Okyere was arrested during a business visit to Dubai and might be extradited to the UK after he failed to honour a court summons regarding a cargo of petrol valued at over $29m, supplied by EDURC Company DMCC and discharged at Tema, Ghana.
Meanwhile, he has been granted $20m bail in Dubai and barred from leaving the emirates while the case proceeds.
Beyond the fraud case, Springfield also has a years-long dispute with Eni and Vitol over the unitisation of its Afina discovery with the nearby Sankofa field operated by the Italian energy giant.
Former president Akufo-Addo had directed that both fields be combined for more efficient development.
Petraco also claims that a $50m loan extended to Springfield to fund the unitisation project was obtained under false pretences.
However, the government has assured that the ongoing acquisition talks will not interfere with any investigations involving Springfield or its affiliates, adding that due process and institutional independence remain fully respected.