Reports indicate that Ghanaian entrepreneur Kevin Okyere and his company, Springfield Exploration and Production Limited (SEP)—the upstream arm of the Springfield Group—are in advanced talks with the Government of Ghana over a potential sale of SEP’s stake in the West Cape Three Points Block 2 (WCTP2).
The proposed buyer is the Ghana National Petroleum Corporation (GNPC), likely through its upstream subsidiary, GNPC Explorco. The move is intended to fast-track development of the block, which has seen limited progress despite its significant potential. It also aligns with government efforts to reverse declining national oil production and strengthen control over strategic energy assets.
The negotiations, which gained wider public attention around November 19, 2025, have been described as constructive by both sides. A statement from the Ministry of Energy underscored the urgency of advancing WCTP2 to mitigate falling crude output and safeguard Ghana’s energy future amid global transition pressures. While the transaction could value SEP’s stake in the hundreds of millions of dollars, final terms will depend on an independent valuation and remain undisclosed.
Founded by Okyere in 2008, Springfield has grown from a petroleum trading and logistics company into Ghana’s first fully indigenous deepwater operator. Through SEP, it holds the WCTP2 license, and Okyere has long portrayed the company as a champion of Ghanaian participation in a sector historically led by multinationals.
In a statement, he said:
“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.”
GNPC Explorco would likely lead operations post-acquisition, with potential partnerships involving international oil majors to fast-track appraisal and production. Officials argue the state can mobilize resources more efficiently than private players facing commercial hurdles.
The Petroleum Commission and GNPC are engaging independent technical consultants and transactional advisors for due diligence, including a full block assessment, cost audits, financial reviews, and fair-value determination.
WCTP2 is a deepwater offshore block located in Ghana’s Tano Basin, sitting at roughly 1,000 meters of water depth and covering about 1,001 square kilometers. Springfield Exploration and Production (SEP) secured the block in 2017 through a competitive licensing round. Its major breakthrough came in 2019 with the Afina-1X exploration well, which encountered 160 feet of high-quality oil pay in stacked reservoirs and an additional 390 feet of gas pay—resources estimated at more than 1 billion barrels of recoverable oil equivalent. The scale places Afina among Ghana’s largest undeveloped discoveries, drawing comparisons to the Jubilee and TEN fields.
Yet, progress has largely stalled due to financing constraints, regulatory bottlenecks, and prolonged disagreements over work program commitments. This comes at a time when Ghana’s upstream production has fallen from a 2019 high of about 200,000 barrels per day to roughly 140,000 bpd in 2025, increasing the strategic importance of WCTP2. According to government officials, a state-led takeover could unlock first oil within three to five years, generating an estimated $5–10 billion in revenues over the field’s lifecycle.
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For Ghana, advancing WCTP2 offers a pathway to reverse declining output, strengthen energy security, and support fiscal recovery amid economic pressures, including ongoing debt restructuring. It also fits within broader localization goals, though it raises concerns about the state’s ability to operate a technically complex deepwater asset.
For Springfield, an exit would inject much-needed liquidity into CEO Kevin Okyere’s wider business portfolio spanning energy trading, power, and renewables. It would also mark the close of a contentious period for the company. Earlier in 2025, SEP became embroiled in a $94 million fraud dispute with Swiss trader Petraco Oil over a failed fuel transaction, leading to Okyere’s brief detention in Dubai—a matter that was eventually settled with a $5 million payment.
