Ghanaian mogul Kevin Okyere in talks to sell oil block

Springfield Group, the energy conglomerate founded by Ghanaian energy mogul Kevin Okyere, is in talks to sell its interest in the West Cape Three Points Block 2 (WCTP2) to the state-owned Ghana National Petroleum Corporation. The discussions mark one of the most significant moves in Ghana’s upstream sector in recent years and could allow the private operator to unlock value from a high-potential deepwater asset that has remained stalled.

Springfield, GNPC advance deepwater Ghana talks

People with direct knowledge of the discussions revealed that Springfield, through its exploration subsidiary Springfield Exploration and Production Limited, is holding detailed discussions with GNPC and its upstream arm, GNPC Explorco. The process, described by officials on both sides as constructive, is expected to shape the future of one of Ghana’s most valuable undeveloped blocks.

WCTP2, which sits in deepwater off Ghana’s western coast, holds more than 1.5 billion barrels of oil in place and an estimated 1.2 trillion cubic feet of gas. Industry analysts estimate the asset could be worth more than $3 billion if fully developed. Springfield’s 2019 drilling campaign led to the Afina discovery, a light-oil find that confirmed the commercial potential of the block. But delays linked to unitization requirements have slowed progress.

Kevin Okyere highlights decisive outcome focus

Officials familiar with the negotiations say the atmosphere has been positive and that updates will be released when the process reaches a firm decision. Kevin Okyere, who founded Springfield in 2008, said the company is committed to securing a clear path forward. “We are fully engaged in discussions with the Government regarding the future of the WCTP2 block,” he said. “Our position is straightforward: this asset must be advanced, and we are committed to ensuring that the process leads to a decisive and constructive outcome.”

The talks come as Ghana faces a steady decline in crude output, raising concerns about long-term revenue and investment. President John Dramani Mahama’s administration has signaled that bringing untapped resources into production is a priority, especially as global funding for new oil projects becomes more selective. The state is in a strong position to advance development of the block, possibly with an international partner working alongside GNPC.

Springfield expands across oil chain

Springfield remains the first Ghanaian-owned company to hold a majority interest in an oil and gas asset. Since its beginnings as Springfield Energy in 2008, the group has expanded across the upstream and downstream chain, including exploration, production, transport, storage and trading. The company began pursuing WCTP2 in 2012, eventually securing the block in 2016.

In October 2024, Springfield contracted Northern Ocean Limited to deploy the Deepsea Bollsta rig for the appraisal of the Afina-1x well. The well, drilled to a depth of 4,085 meters, confirmed light oil with a 65-meter gross column, including 50 meters of net pay in high-quality Cenomanian sandstones—data that continues to guide discussions about the block’s future.