The Government of Ghana is in advanced discussions with Springfield Exploration and Production Limited (SEP) over a potential state-led takeover of the company’s interest in the West Cape Three Points Block 2 (WCTP2), according to a statement issued by the Ministry of Energy.

The engagement, being led through the Ghana National Petroleum Corporation (GNPC) and its subsidiary GNPC Explorco, forms part of a broader government strategy to protect national petroleum assets, optimise upstream production, and prevent vital resources from remaining undeveloped due to operational or commercial constraints.

The statement was signed by Richmond Rockson,  Spokesperson and Head of Communication, and dated 19th November 2025.

According to the statement, to ensure a transparent and technically robust process, the Petroleum Commission and GNPC are jointly procuring a reputable Technical Consultant and an independent Transactional Advisor.

Their responsibilities will include:

A comprehensive technical assessment of the WCTP2 block

A full cost audit and verification of past expenditures

Financial due diligence on the asset

Independent valuation to determine the fair and equitable value of SEP’s interest

The government said this approach is designed to guarantee an evidence-based and commercially prudent outcome that aligns with the national interest.

With Ghana’s crude oil production declining in recent years amid global energy transition pressures, the government considers swift action necessary to advance the development of the WCTP2 resource.

The timely intervention is intended to:

Prevent further delays in field development

Unlock long-term economic value from the block

Sustain upstream activity and associated revenues

Strengthen Ghana’s energy security

Officials say the plan is to reposition the asset for accelerated development, including the possibility of partnering with a technically strong deepwater operator willing to collaborate with the state.

The government reaffirmed its commitment to deepening indigenous participation in the oil and gas sector, strengthening national technical capacity, and ensuring skills transfer.

The intervention, it noted, is fully aligned with policy goals of building a resilient and locally empowered petroleum industry.

Authorities emphasised that the ongoing process does not interfere with investigations involving SEP or any of its affiliated entities.

The Government assured that due process and institutional independence remain intact.