Ghana has initiated talks to take over Springfield Exploration’s stake in an offshore block holding an estimated 1.5 billion barrels of oil as the country seeks to reverse falling output and bolster its economic recovery.
The Ministry of Energy announced that it is pursuing a state-led takeover of Springfield’s interest in the West Cape Three Points Block 2 through state oil company GNPC. “The potential takeover is geared toward unlocking the block’s long-term economic value and safeguarding Ghana’s oil production,” the ministry stated.
Ghana’s crude oil output fell 25.9 percent year-on-year in the first six months of 2025, the lowest half-year level since 2016, due to lower production at major fields. Local operator Springfield discovered the Afina field within the block in 2019 but has yet to move it into production.
The development has been delayed, in part, by a long-standing dispute with Italian energy company Eni over a 2020 Ghanaian directive to join Afina with Eni’s adjacent Sankofa field. The directive was overturned by an international tribunal in July 2024 on legal grounds, prompting the government to drop it in early 2025.
Springfield confirmed Afina’s commercial viability after appraisal drilling last year, but its production timeline remains uncertain. The 673-square-kilometer block in Ghana’s Tano Basin is estimated to have an undiscovered potential of over 3 billion barrels of oil.
The government has hired independent advisors to conduct technical assessments and value Springfield’s stake before potentially repositioning the asset through partnerships with technically strong and experienced deepwater operators. Springfield did not respond to requests for comments on the government’s announcement.
Source: bairdmaritime.com