Ghana seeks control of offshore asset containing estimated 1.5 billion barrels of oil

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.

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.

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.