Executives of the Ghana National Petroleum Corporation (GNPC) and its subsidiary, Explorco, have effectively distanced themselves from Kevin Okyere in the ongoing discussions over a possible state-led takeover of Springfield Exploration and Production Limited’s (SEP) troubled oil well in the West Cape Three Points.

According to GNPC and Explorco officials, a five-year data set handed to Worldwide Petroleum Consultants and Netherlands-based Sewell & Associates Inc. (NSAI) for an independent valuation of Springfield’s assets in June this year, which put the cost of the well at US$747 million, was submitted without their knowledge.

The two institutions, in a joint statement, sought to discredit excerpts of a 26-page document that revealed officials of Springfield and GNPC Exploration & Production Limited provided NSAI with outdated data to assess the viability of the troubled Afina-Sankofa Offshore Ghana owned by Springfield, which is heavily in debt. Mr Okyere has been detained in Dubai over a US$94 million liability owed to a Switzerland-based company, Petraco Oil Company SA.

Interestingly, the document was addressed to Kwadwo Boateng Aniagyei of Springfield Exploration and Production Limited, located at Plot 43, Nii Nortei Nyanchi Street, Airport West, Accra, Ghana, and Samuel Opoku Arthur of GNPC Exploration & Production Limited, based at 5th Floor, Twin Office Tower, 30 Gulf Street, Shiashie, Accra, Ghana.

NSAI’s document dated 9^th September 2025,  stated “in accordance with your request we have estimated the contingent resources and cash flow to the Springfield Exploration and Production Limed (SEP) interest, as of June 2025, properties located in Anna-Sankofa Field, Offshore Cape Three Points (OCTP) Block and West Cape Three Points Block 2 (WCTP2 Block), offshore Ghana. Lt is our “understanding that SEP and GNPC Exploration Production Limited Company (GNPC EXpIorcO) are both interest owners in the WCTP-2 Block. The raw geoscience data for the OCTP Block were not available for this evaluation; therefore, we have estimated the original oil-in-place (OOIP) and the SEP post-unitization nearest Afina-Sankofa Field for each resources category using the Ghana National Petroleum Corporation (GNPC) October 14, 2020, independent estimate of OO1P of 535 million barrels for the OCTP Block, as provided by SEP, and our range of independent estimates of OOIP for the WCTP-2 Block”.   

However, in a press statement issued on Monday, GNPC and Explorco said, “GNPC and Explorco executives did not give Sewell secondary data as indicated. The Sewell report contains a disclaimer and states that the data used in the report was provided by Springfield solely. Secondly, Springfield did not communicate to GNPC its intention to submit such data to Sewell for the valuation of the asset. GNPC and Explorco had no knowledge of Springfield procuring this report. The report is categorical that it is based on Price and Cost parameters and that the data used in the report’s estimates were provided by Springfield. GNPC and Explorco could therefore not have had the opportunity to provide a 2024 appraisal data available to them”.

Both GNPC and Explorco did not acknowledge the role of their official, Samuel Opoku Arthur, but insisted “….It was Springfield’s sole decision to supply the 2020 GNPC data”.  The statement did not also mention whether Mr Artur was questioned.

Based on the old data, Sewell had estimated Springfield’s assets at US$747 million. However, it has been revealed that the Petroleum Commission, led by Emefa Hardcastle, rejected the evaluation.

Another part of the Sewell document stated that “The average value of Springfields’ interest in a P50 (640MMBbls) unitization case: USS747MM with a low of USS433MM representing Cost plus premium and a high of USS1,117MM representing Historical plus DCF”.

However, “GNPC and Explorco executives were not in control regarding the data to be made available or the data Springfield provided for the valuation. It was Springfield’s sole decision to supply the 2020 GNPC report. It is evident from the disclaimer that neither GNPC nor Explorco was responsible for providing the 2020 data.  

The statement said that “GNPC and Explorco executives did not withhold the 2024 primary data. They were not in control of the process and therefore could not have withheld the 2024 primary data in the first place”, as response to whether the Sewell’s valuation was based solely on recycled 2020 secondary data because GNPC withheld the 2024 primary data.

The statement insisted that “GNPC and Explorco executives did not have any intent to inflate any numbers. They did not hide the 2024 data. They were not in control of the process and therefore could not have hidden the 2024 primary data in the first place”.

It added that “There is no such conspiracy. GNPC has not valued Springfield’s asset at US$700 million and has also not advised the Government to pay Springfield on the basis of any such valuation. GNPC as part of its commercial mandate continues to evaluate assets on the basis of various scenarios and assumptions including price, costs and volumes and may have different perspectives as a buyer or seller. Such a process does not constitute a decision on any particular value at any time”.

“The Government is in the process of conducting a transparent process to engage a competent technical entity and a Transaction advisor to conduct an independent technical and commercial valuation on this and other assets using up-to-date data”.

“We wish to assure the general public that Government’s decision regarding this asset has been very transparent and has been taken in the best interest of the people of Ghana”.

The ongoing Springfield deal is similar to the Akufo-Addo government’s failed attempt in 2021 to raise $1.65 billion to buy Aker Energy’s 37 percent stake in the Deepwater Tano/Cape Three Points (DWT/CTP) and its 70 percent interest in SDWT, also known as the Pecan oilfield. 

The well in question, known as Afina-Sankofa Field, Offshore Cape Three Points (OCTP) Block and West Cape Three Points Block 2 (WCTP-2 Block), Afina, was one of three wells drilled by Cosmos Energy in the area. It has always been controversial since it was transferred to Springfield during the first Mahama administration. This happened after Cosmos surrendered it to the state to focus on other nearby wells that were considered more viable.

Since Springfield assumed control of the well, the company has struggled to implement necessary measures, especially to meet financial requirements for drilling. Springfield has also repeatedly violated regulatory requirements, with the Petroleum Commission (PC) consistently demanding that it complies with the terms and conditions outlined in Section 52 (3) of the Petroleum (Exploration and Production) Act, 2016, Act 919, which requires the operator to “provide to the Commission data and information as well as the reports, studies, interpretations, and analyses.”

However, the Energy Minister, insists that the Mahama government will only support a state-led takeover of Springfield Exploration and Production Limited’s (SEP) stake in the West Cape Three Points Block 2 (WCTP2) after an independent and transparent valuation confirms the field’s strong commercial prospects.

Speaking on Joy FM’s Super Morning Show on Friday, Mr Jinapor, confirmed that Springfield had approached the government, the Ghana National Petroleum Corporation (GNPC), and Explorco for support as part of ongoing discussions about the struggling asset.

He said that objective, technical, and commercial assessments must guide any decision on state involvement, emphasizing the due diligence process the government intends to follow.

“Springfield is a Ghanaian company. They’ve invested so much,” he said. “Where they have gotten to, they think they will need some support. As minister, what I will do is that I want an independent, fair valuation of that field.”

The transfer of the Afina well to Springfield took place during the tenure of Alex Mould as GNPC boss, Emmanuel Armah-Kofi Buah as Power Minister, with Jinapor as his deputy minister, serving in the Mahama administration.

A long list of Ghanaian politicians from both sides of the political divide, have pumped their money into the venture without any hope of recovering their investment, despite assurances from sweet-talking Mr Okyere.

To salvage the situation, John Peter Amewu, Akufo-Addo’s Energy Minister, authorized the Unitisation between Springfield Exploration and the Italian oil company, ENI, which the Italians rejected.

Springfield Exploration took the case to the Ghanaian court and won, but the ruling became irrelevant after ENI pursued international arbitration in London and was successful. This happened after it became clear that ENI wouldn’t get justice in the Ghanaian court.

There are conflicting claims about how much Kwame Addo, a prominent businessman from the Oti Region and supplier of the Ghana Armed Forces (GAF), has invested in Springfield.  Some have mentioned US$30 million, while others put it at US$50 million. Multiple claims have been made that Kwame Addo, who is close to influential figures in and outside the Mahama government, has been exerting pressure on the state through officials to acquire Springfield’s well to help him recover his money.

Springfield also owes US$94 million to a Switzerland-based company, Petraco Oil Company SA. Dubai authorities are currently holding Mr Okyere over the debt after he failed to honor a court summons regarding a cargo of petrol supplied by EDURC Company DMCC and discharged at Tema, Ghana, valued at US$29,321,064.51.

Petraco Oil alleges that Mr Okyere and Springfield, along with Ghanaian partner GMP Energy Limited, diverted proceeds from crude oil lifting under their joint venture, Petraco Energies DMCC, amounting to US$94 million. The company claims the funds were deliberately misappropriated, with executives falsely asserting non-payment despite receiving full settlement from Ghana’s state-owned Bulk Oil Storage and Transportation Company (BOST).

The Swiss company also claims that a US$50 million loan extended to Springfield to fund a unitisation project with Eni Ghana was obtained under false pretences.

Interestingly, ENI reportedly evaluated Springfield’s well and concluded that its commercial viability was doubtful, resulting in its refusal to submit to the Unitisation.

Jinapor, explained that both a technical valuation and a commercial valuation will determine whether the asset is worth state investment.

According to him, if the assessment confirms that the WCTP2 field has strong potential, especially after already passing through the high-risk exploration phase, the government will be open to providing the necessary backing.

“If it proves that the field holds huge potential, we would engage Springfield and give them whatever support is required,” he noted.

The Minister, however, made it clear that the government will walk away if the results fall short of expectations. “If it does not meet the criteria, forget about it,” he stressed.

The government is currently exploring a possible intervention in the block as part of broader efforts to protect declining upstream assets and boost oil production, which has dropped significantly over the past few years.

The outcome of the evaluation will determine whether the state engages Springfield or walks away from the deal.

Mr Jinapor said the ministry will not proceed unless a thorough assessment shows that the field is commercially viable and beneficial to the state.

“Does the field hold potential? Is the field prolific? Is the state going to benefit if it takes a stake in that field? That is the technical aspect,” he explained.

He added that the commercial evaluation would also require validating Springfield’s financial claims.

“They claimed that they spent some money. Have they indeed spent that money? Can we validate those expenditures? Very, very critical,” he said.

The minister stressed that while he is committed to supporting Ghanaian companies in the petroleum sector, he will not compromise on due process or transparency.

“I’m determined to help any Ghanaian company. But I’ll never bend the rules. I’ll never bend fair principle,” he stated.

Jinapor also welcomed scrutiny from civil society groups, including ACEP, noting that their feedback helps improve the process. He assured that any final report on the WCTP2 assessment will be shared with stakeholders for open discussion.

Meanwhile, the Executive Director of the ACEP, has responded to the Energy Minister’s stance, reaffirming his opposition to the government’s decision to allow the national oil company, GNPC, and its subsidiary, Explorco, to hire an independent technical consultant and transactional advisor to assess Springfield’s assets instead of the Petroleum Commission.

Mr Boakye previously disclosed that earlier this year, officials from Springfield E&P and Explorco attempted to value Springfield’s assets at between US$433 million and US$1.1 billion. This occurred after GNPC and its subsidiary hired a reputable consultant but provided discredited data, which he said was meant to influence the outcome of the assessment.

Reinforcing his point, Mr Boakye stated that the Petroleum Commission, the upstream regulator, was unequivocal in dismissing Springfield’s recent appraisal, stating that the company’s conclusions were flawed.

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