Energy think tank, the Africa Centre for Energy Policy (ACEP), is cautioning government against what it describes as a costly and unnecessary attempt by the Ghana National Petroleum Corporation (GNPC) to acquire Springfield Exploration and Production’s interest in the Afina-1x oil discovery.
ACEP Executive Director, Ben Boakye, insists the transaction lacks commercial justification, arguing that the West Cape Three Points Block 2 (WCTP2) asset already belongs to the state and should be reclaimed and not purchased following Springfield’s failure to meet its contractual obligations.
He further criticised ongoing negotiations between GNPC, its upstream subsidiary Explorco, and Springfield, describing efforts to predetermine a valuation of up to US$1.1 billion as unreliable and based on “discredited data.”
Ben Boakye in a social media post warned that government cannot continue financing non-performing oil assets at a time when economic hardship and poverty levels are rising.
His comments come as the government confirms it has begun formal processes for a possible state-led takeover of the Afina field – one of Ghana’s most contentious undeveloped oil discoveries.
In a statement issued by the Ministry of Energy and Green Transition, government said GNPC and GNPC Explorco are in “constructive discussions” with Springfield as part of a broader strategy to protect national petroleum assets and prevent potentially viable reserves from remaining stranded amid Ghana’s declining oil output.
To ensure transparency, the Petroleum Commission and GNPC have commenced procurement to hire an independent Technical Consultant and Transactional Advisor. Their mandate includes:
- A full technical evaluation of the WCTP2 block
- Audit and verification of past expenditure
- Commercial and financial due diligence
- An independent valuation of Springfield’s interest
According to the Ministry, these independent assessments will provide a commercially sound basis for any potential takeover and help reposition the field for accelerated development possibly with experienced deepwater partners.
The statement added that the ongoing processes are without prejudice to existing investigations involving Springfield or related entities and reaffirmed government’s commitment to maintaining institutional independence.
Government also reiterated that any future development of the block will be aligned with Ghana’s local content agenda to strengthen indigenous participation in the oil and gas sector.
The Afina field has seen years of stalled progress despite its confirmed discovery, as global energy transition pressures reshape upstream investment and Ghana battles falling oil production.
