The Minister of Energy and Green Transition, John Jinapor, says government backing for a potential state-led takeover of Springfield Exploration and Production Limited’s (SEP) stake in the West Cape Three Points Block 2 (WCTP2) will hinge on an independent, transparent valuation proving the asset’s commercial viability.
Speaking on the Super Morning Show, Jinapor confirmed that Springfield had approached the government, the Ghana National Petroleum Corporation (GNPC) and its subsidiary, Explorco, for support as part of ongoing engagements over the struggling oil block.
He emphasised that any government decision would be guided strictly by objective technical and commercial assessments.
“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.”
According to him, both the technical analysis and commercial valuation of the asset will determine whether it merits state participation.
He noted that if the evaluation confirms strong potential—especially given that the WCTP2 block has already passed through the high-risk exploration phase—the government will be prepared to offer the necessary support.
“If it proves that the field holds huge potential, we would engage Springfield and give them whatever support is required,” he stated.
However, Jinapor was equally clear that the government would withdraw interest if the findings did not justify further investment.
“If it does not meet the criteria, forget about it,” he stressed.
The minister’s comments come as the government explores strategies to revive declining petroleum output, with production continuing to fall in fields such as Jubilee and TEN.
The move to reassess and potentially support struggling assets is part of broader efforts to sustain national oil production and protect the value of Ghana’s petroleum resources.
