Ghana's government is in advanced negotiations with Springfield Exploration and Production Limited (SEP) to acquire the company's stake in the West Cape Three Points Block 2 (WCTP2) — a high-value deepwater oil and gas asset that could play a major role in stabilizing the country's economy.
The discussions, involving GNPC and its subsidiary GNPC Explorco, aim to fast-track development of the block, which holds an estimated 1.5 billion barrels of oil and 1.2 trillion cubic feet of gas, valued at more than $3 billion.
With Ghana experiencing declining crude output, government officials say accelerating WCTP2's development is essential for boosting national revenue, attracting new investments, and strengthening long-term energy security — benefits that will also ripple across the private sector, especially SMEs in energy-linked value chains.
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The negotiations represent a major moment for Springfield and its founder, Kevin Okyere, whose company made history in 2019 with the Afina oil discovery — now the focal point of the acquisition talks. Okyere confirmed ongoing engagement with the government, stressing the need to advance the asset in the national interest.
Authorities say the State is prepared to bring in credible international partners to support GNPC in developing the field quickly, positioning the acquisition as a strategic move to revive upstream activities and stimulate broader economic growth.
Officials described the talks as positive and said further updates will be provided soon.
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