By Eugene Davis
The Petroleum Commission (PC) and the Ghana National Petroleum Corporation (GNPC) have begun a joint procurement process to engage a reputable Technical Consultant and an independent Transaction Advisor to carry out a comprehensive assessment of the West Cape Three Points Block 2 (WCTP2).
The independent advisors will be responsible for conducting a full cost audit and verification of past expenditures, undertaking financial due diligence on the asset, and performing an independent valuation to determine the fair and equitable value of Springfield Exploration and Production Limited’s (SEP) interest. This rigorous approach, according to officials, is intended to ensure that every decision taken is evidence-based, commercially sound, and firmly aligned with the national interest.
The move follows ongoing constructive discussions between Government—acting through GNPC and its upstream subsidiary, GNPC Explorco—and SEP on a potential State-led takeover of SEP’s stake in the WCTP2 block.
In a press statement signed by Richmond Rockson, Spokesperson and Head of Communications at the Ministry of Energy, Government explained that the initiative forms part of a broader strategy to safeguard strategic petroleum assets, improve upstream output, and prevent valuable national resources from being stranded due to prolonged commercial or operational challenges.
Rationale for State Intervention
Government’s interest in accelerating the development of WCTP2 is driven by several pressing national concerns. Crude oil production in Ghana has been declining in recent years, and the uncertainties brought about by the global energy transition make timely development of known reserves even more critical.
A proactive State-led intervention is therefore intended to:
Prevent further delays in field development.
Unlock the long-term economic value of the block.
Sustain upstream activity and protect associated national revenues.
Strengthen Ghana’s overall energy security.
Officials say the intention is to reposition the asset for accelerated development—potentially in partnership with technically capable and experienced deepwater operators willing to collaborate with the State.
Commitment to Local Content and Indigenous Participation
Throughout this process, Government maintains that Ghana’s local content and local participation framework remains central. The intervention aims to deepen indigenous involvement, strengthen national technical expertise, and promote meaningful skills transfer to Ghanaian professionals.
This aligns with the country’s broader policy objective of building a competitive, resilient, and locally empowered oil and gas sector capable of sustaining long-term national benefits.
Ongoing Investigations
Government also emphasised that the assessment and negotiation processes are proceeding without prejudice to any ongoing investigations involving SEP or its related entities. All actions, it noted, will respect due process and the independence of the relevant State institutions.
