Accra, Ghana – The Government of Ghana is in advanced discussions with Springfield Exploration and Production Limited (SEP), led by renowned entrepreneur Kevin Okyere, over a potential state-led acquisition of the company’s interest in the West Cape Three Points Block 2 (WCTP2), one of Ghana’s most promising deepwater oil and gas assets.
The negotiations involve the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary, GNPC Explorco, as the State seeks to accelerate development of the high-potential block. Industry sources estimate that WCTP2 holds over 1.5 billion barrels of oil in place and approximately 1.2 trillion cubic feet of gas, with a projected value exceeding US$3 billion.
The move comes at a critical juncture for Ghana’s energy sector, as the country faces a gradual decline in crude oil production and global uncertainty in oil and gas investments. Government authorities believe that bringing WCTP2 into timely production is essential to safeguarding national revenues and sustaining momentum in the upstream petroleum industry.
A Strategic Deepwater Asset
WCTP2 is widely regarded as one of the most strategically valuable undeveloped blocks in Ghana’s offshore portfolio. Its commercial potential has drawn attention from both local and international stakeholders. The asset was the site of Springfield’s 2019 Afina discovery, a major deepwater find that confirmed the block’s enormous hydrocarbon potential.
Kevin Okyere, Springfield’s founder, has positioned the company as a trailblazer in Ghana’s oil and gas sector. Since establishing Springfield in 2008 as a petroleum trading and logistics company, Okyere has transformed it into the first wholly Ghanaian-owned firm to drill in deepwater waters, marking a historic milestone in local participation in high-stakes upstream operations.
Speaking on the ongoing negotiations, Okyere stated:
“We are fully engaged in discussions with the Government regarding the future of the WCTP2 block. Our position is straightforward: this asset must be advanced, and we are committed to ensuring that the process leads to a decisive and constructive outcome that serves the best interest of Ghana and all stakeholders.”
Government’s Energy Security Agenda
Officials from the Ministry of Energy and GNPC emphasized that acquiring WCTP2 is a strategic intervention aimed at strengthening Ghana’s energy security. By bringing the block under state oversight, authorities aim to ensure the rapid commercialisation of a resource deemed nationally significant, while also attracting international partners to support the next development phase.
The proposed acquisition is being framed as a win-win scenario: the State secures a key resource for national development, while Springfield benefits from a partnership that guarantees the acceleration of projects that require substantial capital and operational expertise.
A senior GNPC official, speaking on condition of anonymity, described the discussions as constructive, noting that the Government is exploring multiple approaches to expedite production. These could include joint ventures with global operators, working alongside GNPC or its subsidiary, to ensure that technical and financial challenges are managed effectively.
Timing and Implications
The talks come at a time when Ghana’s oil production has plateaued, with existing fields showing signs of declining output. Industry analysts argue that swift action on WCTP2 could mitigate the risk of a revenue shortfall, while positioning Ghana as a more attractive destination for global energy investors.
The Afina discovery, which forms the core of WCTP2’s value proposition, highlighted the block’s significant upside potential, and a successful acquisition could provide the State with both immediate strategic leverage and long-term revenue streams from crude oil and natural gas production.
Analysts note that Springfield’s deepwater expertise, combined with GNPC’s regulatory and operational oversight, could create a model partnership for local content and foreign investment integration in Ghana’s oil sector.
Kevin Okyere’s Role and Vision
For Kevin Okyere, the discussions signify a pivotal moment in Springfield’s journey. The company’s evolution from a trading and logistics operator to a deepwater exploration leader underscores Okyere’s commitment to advancing Ghanaian participation in the high-value upstream sector.
Okyere’s vision has consistently emphasised national benefit, and the proposed handover aligns with his broader goal of ensuring that Ghana’s natural resources are managed in a way that maximizes local participation, technical knowledge transfer, and economic impact.
Next Steps and Outlook
Government representatives have committed to providing updates on the progress of talks in due course, but have not disclosed a specific timeline for completion. Industry stakeholders remain optimistic, noting that the discussions signal the Government’s proactive approach to energy resource management and its commitment to securing critical national assets.
Observers also anticipate that international oil companies with existing deepwater capabilities may become involved in operational partnerships, working alongside GNPC and SEP to bring WCTP2 into commercial production as swiftly as possible.
If concluded successfully, the acquisition would represent one of the most significant state interventions in Ghana’s upstream sector in recent years, underscoring a strategic commitment to securing energy independence and ensuring long-term fiscal stability.
Follow Africa Live News
🌍 Website: www.africalivenews.com
📘 Facebook: Africa Live News
📸 Instagram: @africalivenews
🐦 X (Twitter): @africalivenews2
▶️ Threads: Africa Live News
