The Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, have firmly denied allegations suggesting their involvement in the submission of outdated or secondary data for the valuation of Springfield Exploration and Production Limited’s interest in the West Cape Three Points Block 2 (WCTP-2).
The allegations, which resurfaced following a press release from the Ministry of Energy and Green Transition, claim that GNPC and Explorco provided 2020 data — previously used in an arbitration case — instead of more recent 2024 appraisal data for valuation purposes.
In a detailed response issued on Monday, the two institutions dismissed these claims as misleading and inaccurate.
Addressing the first set of claims, GNPC and Explorco stated that they never supplied U.S.-based consultancy company Sewell & Associates with any secondary data from the 2020 Aryeetey Report.
According to the corporations, the Sewell report itself contains a disclaimer indicating that all data used was provided exclusively by Springfield.
There was no communication from Springfield to GNPC regarding the submission of such data, and GNPC says it had no knowledge that Springfield had commissioned the valuation.
Responding to claims that they supplied the same dataset that allegedly contributed to Ghana losing an international arbitration case, GNPC said the decision to provide the 2020 data was “solely Springfield’s.”
They emphasised that neither GNPC nor Explorco directed or influenced the data used for the Sewell valuation.
The corporations further pointed to Sewell’s own disclaimer, which indicated that raw geoscience data for the relevant block was unavailable and that the firm relied on a 2020 GNPC estimate as provided by Springfield.
GNPC and Explorco maintain that this clearly demonstrates they were not responsible for the data supplied.
The two entities rejected the accusation that they withheld updated 2024 primary data, insisting that they “were not in control of the process” and thus could not have hidden any information.
They also dismissed suggestions of an attempt to inflate valuations, stressing that they had no influence over the data submission process.
Another allegation claimed that more than US$700 million of state funds were at risk due to manipulated or discredited information.
GNPC dismissed this as false, saying it has never valued Springfield’s asset at US$700 million nor advised the government to make payments on such a basis.
The Corporation clarified that its internal evaluations are part of routine commercial assessments, which consider multiple scenarios and assumptions, but do not amount to a final valuation recommendation.
The government, according to GNPC, is initiating a transparent process to recruit a competent technical firm and a transaction advisor to conduct an independent valuation of the WCTP-2 and other related assets using the most current data available.
GNPC reassured the public that decisions regarding the Springfield asset have been transparent and are being undertaken in the best interest of the Ghanaian people.
The statement was issued by the Corporate Affairs Division of GNPC.
