Energy Minister Sets Rigorous Standards for Potential Springfield Asset Acquisition
Energy Minister John Jinapor has affirmed that the government will only consider acquiring Springfield Exploration and Production Limited’s (SEP) interest in the West Cape Three Points Block 2 (WCTP2) if the asset successfully passes stringent technical and commercial assessments.
The Minister shared this stance on the Joy Super Morning Show, where he detailed the meticulous due diligence framework the government plans to implement.
This potential intervention in the oil block is part of a wider governmental strategy aimed at safeguarding dwindling upstream resources and reversing the noticeable decline in national oil production over recent years. The findings of this thorough evaluation process will be the deciding factor on whether the state proceeds with negotiations with Springfield or chooses to abandon the potential transaction.
Mr. Jinapor explicitly stated that the Energy Ministry will not move forward unless an exhaustive appraisal confirms that the field is both commercially viable and holds substantial financial benefit for the Ghanaian state.
He elaborated on the technical necessities: “Does the field hold potential? Is the field prolific? Is the state going to benefit if it takes a stake in that field? That is the technical aspect,” he explained.
The Minister added that the commercial review involves a critical task: validating the financial expenditures claimed by Springfield. “They claimed that they spent some money. Have they indeed spent that money? Can we validate those expenditures? Very, very critical,” he underscored.
While emphasizing his commitment to supporting local Ghanaian enterprises within the petroleum industry, the Minister stressed that he is unwavering on the need for due process and transparency. “I’m determined to help any Ghanaian company. But I’ll never bend the rules. I’ll never bend fair principle,” he asserted.
Mr. Jinapor also welcomed input and scrutiny from civil society organizations, specifically mentioning the Africa Centre for Energy Policy (ACEP), recognizing that their observations are valuable for refining the assessment procedure. He concluded by assuring the public that the final report concerning the WCTP2 evaluation will be made accessible to all stakeholders for open consultation and debate
