Energy experts back gov’t move on Springfield

… praise CEO, Kevin Okyere’s rare indigenous risk-taking

Energy analysts are firmly backing government’s decision to explore a restructuring or possible acquisition of Springfield Exploration and Production’s interest in the West Cape Three Points Block 2 (WCTP-2), describing the indigenous company’s investment record as “one of the boldest bets ever made by a Ghanaian firm in the upstream sector.”

According to several experts, Springfield’s performance over the past decade shows what sustained local risk-taking can achieve in a domain historically dominated by major international oil companies. They say government support at this stage would secure national value and protect a rare homegrown success story.

“Springfield and it’s CEO, Kevin Okyere, did what many thought impossible,” an Accra-based upstream consultant said. “A Ghanaian company put real money at risk, acquired data, drilled, and actually made a deepwater commercial discovery. That’s not common anywhere in Africa.”

Another analyst noted that Springfield’s entry into the block in 2012 drew considerable skepticism, but the company persisted until the block was ratified by Parliament in 2016. “People forget how much doubt surrounded them,” he said. “They were told repeatedly that deepwater exploration was not for Ghanaian companies. They proved everyone wrong.”

Experts say Springfield’s decision to fund a full 3-D seismic survey over 673 square kilometres, at a cost of more than US$9 million, signalled a level of confidence and ambition uncommon among indigenous operators. The data supported the drilling of the Afina-1X well, which confirmed significant oil and gas reserves.

Geoscientists familiar with the discovery call it a milestone. “Finding hydrocarbons in the Cenomanian and Turonian formations as an indigenous operator is a massive achievement,” a petroleum geologist said. “This is terrain where even supermajors often struggle. Springfield did it without overruns or safety incidents.”

The West Cape Three Points (WCTP-2) Block has an estimated 1.5 billion barrels of oil and 1.2 trillion cubic feets of gas which is an aggregation of discoveries in the Banda, Afina, Odum and Beech fields.

Industry watchers also emphasise Springfield’s response when regulators directed the company to appraise the find. “Completing an appraisal campaign in three months is almost unheard of,” an oil economist noted. “It showed the company was serious, organised and technically capable.”

The appraisal confirmed the commerciality of the discovery and its communication with the neighbouring Sankofa field, reinforcing the case for unitisation.
Financial analysts estimate that Springfield has spent around US$280 million on seismic acquisition, drilling, regulatory compliance and ongoing operational costs – funding sourced largely through its founder, Kevin Okyere, and partners.

A procurement specialist added, “People talk about foreign investment, but here is a Ghanaian entrepreneur who has quietly financed hundreds of millions of dollars’ worth of upstream work. That deserves respect.”

Experts say this is one reason government’s engagement should be seen primarily as a strategic national intervention. Current discussions involve bringing in new partners or allowing GNPC’s Explorco, which holds 5 percent, to acquire a larger stake. Supporters argue this could accelerate development and strengthen GNPC’s technical capacity.

“If Ghana is serious about building local champions, then you back Springfield and Kevin Okyere. You don’t abandon the only indigenous company that has proven it can play in the deepwater league,” one senior industry adviser said. “This is about the future of Ghanaian participation in our most strategic sector.”

The experts agree that Springfield’s progress demonstrates that local ownership can deliver results that benefit the wider economy and that government now has an opportunity to consolidate a homegrown achievement that could shape the country’s energy landscape for decades.

Meanwhile, Minister of Energy and Green Transition, John Jinapor, has lauded Springfield Exploration and Production Limited for its courage and commitment in investing heavily in Ghana’s upstream petroleum sector, describing the company as a “trailblazer” among indigenous firms willing to take risks in oil exploration.

Speaking on Joy FM’s Super Morning Show on Friday, Mr. Jinapor commended Springfield for venturing into the challenging Afina-Sankofa block, where it has conducted extensive exploration and appraisal work.

He emphasized that Springfield’s achievements reflect the growing confidence of local companies in Ghana’s oil industry, a development he said government must nurture through fairness and transparent engagement.

“Springfield is an indigenous Ghanaian company and so, as Minister, whatever I can do legitimately, fairly, within fair conscience to support a Ghanaian company, I’ll do it — and I have no regrets for that,” Mr. Jinapor stated. “However, I wouldn’t break the law, and I’ll put Ghana’s interest first.”

Mr. Jinapor’s comments follow an earlier statement released by his ministry announcing the commencement of negotiations between the government and Springfield for a potential takeover of the Afina oil block in the West Cape Three Points area.
He stressed, however, that any decision will depend on a credible, independent technical and commercial valuation of the field.

“If the field proves to have the potential, we will engage Springfield and give them whatever support is required. If it does not meet the criteria, forget about it — it’s as simple as that,” he said.

Mr. Jinapor reaffirmed his stance that while government seeks to protect Ghana’s interests, it also recognizes the importance of empowering local companies that have demonstrated initiative and commitment.

“When an indigenous company has spent money, drilled, and conducted appraisals showing potential, I will not terminate that agreement,” he asserted. “We must encourage Ghanaian companies to venture into this space. But we will not do so blindly. Everything must be based on fair, transparent evaluation.”

Ultimately, the Minister said his goal is to promote value for money, local participation, and transparency in Ghana’s petroleum sector, ensuring that partnerships like GNPC’s engagement with Springfield serve both national and entrepreneurial interests.

 

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