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Springfield Exploration and Production (SEP) founder, Kevin Okyere, is expected to return to Accra after reportedly paying an initial US$5 million as part of the conditions linked to his ongoing legal troubles in Dubai.
Mr Okyere has been at the centre of a US$94 million fraud case filed by Switzerland-based Petraco Oil Company SA, a matter that resulted in his temporary restriction from leaving Dubai.
Sources familiar with the development indicate that the Ghanaian businessman has now made the first tranche of a negotiated payment, paving the way for him to travel back to Ghana.
This is after he had received a visit from his family from Ghana.
Details remain closely guarded, but insiders suggest that further payments are expected as part of a broader settlement arrangement. It is, however, unclear whether the reported deal affects the substantive case against him in the United Arab Emirates (UAE) or any related investigations in Ghana.
Mr Okyere’s anticipated return to Accra comes amid growing public scrutiny over his business dealings, including questions surrounding Springfield’s much-publicised oil discovery and the company’s ongoing disputes within Ghana’s upstream petroleum sector.
Authorities in both Ghana and the UAE have not yet issued any official statements on the latest development.
It comes as the Mahama government, in a press release, frames its planned takeover of Springfield’s assets as part of a national strategy to safeguard petroleum resources, which may appear procedurally correct, but is seen as a state bailout of a block which has many questions surrounding it.
Independent technical and transactional advisors are being procured, due diligence is being promised, and the state’s interest is being emphasized.
A statement signed by Richmond Rockson, Spokesperson and Head of Communication at the Ministry of Energy, has disclosed that the Government of Ghana is considering a state-led takeover of Springfield Exploration and Production Limited’s (SEP) stake in the West Cape Three Points Block 2 (WCTP2) as part of efforts to safeguard declining petroleum assets and boost national oil production.
It said GNPC and its upstream subsidiary, GNPC Explorco, are in “constructive discussions” with SEP regarding a takeover. The move forms part of the government’s broader strategy to optimize upstream output and prevent valuable resources from remaining idle due to “prolonged commercial or operational bottlenecks.”
To guide the process, the Petroleum Commission and GNPC are procuring an independent Technical Consultant and Transactional Advisor. Their work will include a full technical assessment of the block, a cost audit of past expenditures, financial due diligence, and an independent valuation of SEP’s interest to determine its fair value.
“Government considers it urgent to advance the development of the WCTP2 resource base,” the statement noted, citing the country’s declining crude production and global uncertainties within the energy transition. Officials believe timely intervention will prevent further delays, unlock economic value, sustain upstream revenues, and strengthen Ghana’s energy security.
The Ministry’s statement dated Wednesday, 19th November 2025, added that any future development of the block could involve partnerships with technically experienced deep-water operators to accelerate output.
Government also reiterated its commitment to local content, saying the intervention aligns with national policy objectives to build a “competitive, resilient, and locally empowered oil and gas sector.”
The statement stressed that the ongoing process does not interfere with any investigations involving SEP or its affiliates, adding that due process and institutional independence remain fully respected.
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