The Government of Ghana says it is considering a possible 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 revive declining petroleum output and protect strategic national assets.
The announcement was made in a statement by Richmond Rockson, Spokesperson and Head of Communication at the Ministry of Energy.
According to the Ministry, the Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, are in “constructive discussions” with SEP to assess the feasibility of the takeover.
Officials say the move forms part of a broader strategy to ensure valuable petroleum resources are not left undeveloped due to prolonged commercial or operational challenges.
To support the process, the Petroleum Commission and GNPC have engaged an independent Technical Consultant and Transactional Advisor. Their mandate includes conducting a full technical appraisal of the block, auditing historical costs, carrying out financial due diligence, and independently determining the fair value of SEP’s stake.
“Government considers it urgent to advance the development of the WCTP2 resource base,” the statement said, citing declining crude production and pressures from the global energy transition. Authorities believe swift action could unlock stalled value, safeguard state revenue, and strengthen national energy security.
The Ministry added that future development of the block could involve partnering with experienced deepwater operators to accelerate production if necessary.
It also reaffirmed its commitment to local content, describing the intervention as aligned with national efforts to build a resilient, competitive, and locally driven oil and gas industry.
The statement emphasised that this development does not affect any ongoing investigations involving SEP or related parties, noting that all processes will follow due process and maintain institutional independence.
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