The Minister of Energy and Green Transition John Abdulai Jinapor has revealed that the Government of Ghana is currently engaged in constructive discussions with Springfield Exploration and Production Limited (SEP) on a potential State-led takeover of SEP’s interest in the West Cape Three Points Block 2 (WCTP2).
A statement issued by the Minister indicated that the government is doing so through the Ghana National Petroleum Corporation (GNPC) and its upstream subsidiary GNPC Explorco.
He explained that the initiative forms part of Government’s broader strategy to safeguard national petroleum assets, optimise upstream output, and ensure that valuable resources do not remain stranded due to prolonged commercial or operational bottlenecks.
The Minister noted that to ensure a transparent, professionally grounded process, the Petroleum Commission (PC) and GNPC are jointly procuring the services of a reputable Technical Consultant and an independent Transactional Advisor.
The Technical Consultant has been asked to conduct a Comprehensive technical assessment of the WCTP2 block; Full cost audit and verification of past expenditures; Financial due diligence on the asset; and Independent valuation to determine the fair and equitable value of SEP’s interest.
Mr. Jinapor noted that the move is to ensure that all decisions are evidence-based, commercially prudent, and in the best interest of the Republic of Ghana.
He added that local participation would also be prioritised.
“While undertaking this process, Government remains fully committed to deepening the participation of indigenous Ghanaian companies, strengthening national technical capacity and skills transfer and ensuring that Ghana’s local content framework continues to guide upstream operations
The intervention is therefore aligned with national policy objectives of building a competitive, resilient, and locally empowered oil and gas sector.”
He concluded that “This process is being carried out without prejudice to any ongoing investigations concerning SEP or its affiliated entities by the appropriate State institutions. Due process and institutional independence remain fully respected”.
By: Rainbowradioonline.com/Ghana
