Ghana’s government is moving to acquire an offshore exploration block regarded as one of the country’s most valuable undeveloped deepwater petroleum assets.
- The government of Ghana plans to acquire a valuable offshore exploration block containing significant oil and gas reserves.
- This asset, identified by Springfield E&P, includes over 1.5 billion barrels of oil and 1.2 trillion cubic feet of gas.
- Springfield E&P notably became the first Ghanaian independent company to successfully drill and discover oil in deep water.
- The acquisition aims to expedite development, ensure national participation, and enhance energy security
Ghana is advancing plans to take control of a highly prized offshore exploration block, viewed as one of the country’s most valuable undeveloped deepwater assets.
The block holds more than 1.5 billion barrels of oil in place (STOIIP) and an estimated 1.2 trillion cubic feet of gas, carrying a potential value exceeding US$3 billion.
The deal follows a landmark deepwater discovery by Springfield E&P and represents a major step to accelerate development, expand national participation, and unlock one of Ghana’s most promising offshore resources.
Springfield E&P made history as the first Ghanaian, and first African independent upstream company to drill in deep water and strike oil at this scale.
Early estimates suggest the reserves could rival Ghana’s Jubilee field, which transformed the nation’s oil sector in 2010. Yet progress has stalled for years due to regulatory disputes, commercial disagreements, and complex unitisation issues, prompting Accra to intervene directly.
Government moves to fast-track the asset
Under the proposed plan, the Ghana National Petroleum Corporation (GNPC) would acquire Springfield’s operating stake, giving the state greater control and oversight over the development.
Government officials said acquiring the block could enable the state to accelerate development, potentially in partnership with international operators working with GNPC or its subsidiary.
The move aims to safeguard national revenues, ensure continuity in the upstream sector, and strengthen Ghana’s long-term energy security amid declining crude output and global investment uncertainties.
Kevin Okyere, founder of Springfield, described the discussions as constructive: “We are fully engaged in discussions with the Government regarding the future of the WCTP2 block. Our position is straightforward: this asset must be advanced, and we are committed to ensuring that the process leads to a decisive and constructive outcome that serves the best interest of Ghana and all stakeholders.”
While negotiations are ongoing, civil-society groups have cautioned that the acquisition carries both financial and technical risks. Due diligence, independent valuation, and transparency will be critical to ensure commercial viability.
If successfully completed, Ghana’s move could fast-track one of West Africa’s most promising deepwater discoveries and further cement the role of African independents in offshore oil exploration.
