The government, through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco, is in discussions with Springfield Exploration and Production Limited (SEP) over a possible State-led acquisition of SEP’s interest in the West Cape Three Points Block 2 (WCTP2).
The move forms part of a broader national strategy to safeguard petroleum assets, optimise upstream production, and prevent valuable resources from remaining undeveloped due to prolonged commercial or operational challenges.
A statement issued by the Ministry of Energy said the Petroleum Commission and GNPC were jointly engaging a reputable Technical Consultant and an independent Transactional Advisor to ensure a transparent and professionally guided process.
The advisors will undertake a comprehensive technical assessment of the WCTP2 block, conduct a full cost audit of past expenditures, perform financial due diligence, and provide an independent valuation to determine the fair value of SEP’s interest.
Government says the intervention is critical as Ghana’s crude oil output has been on a decline in recent years amid global energy transition uncertainties.
Accelerating development of the WCTP2 resource base is therefore considered urgent to sustain production and protect national interests.
The statement assured that all decisions will be evidence-based and commercially prudent, in line with the best interest of the Republic of Ghana.
Source: GNA
The post Ghana government engages Springfield E&P on potential takeover appeared first on Ghana Business News.
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