The Africa Centre for Energy Policy (ACEP) has outlined its position on the government’s intention to acquire Springfield Exploration and Production’s interest in the West Cape Three Points Block 2, emphasising that its concerns centre on governance and legality rather than local content support.
In a detailed statement, Executive Director Benjamin Boakye said ACEP has maintained open and honest engagement with the Minister of Energy and Green Transition, noting that policy dialogue and sector reforms have strengthened significantly under his tenure.
Boakye highlighted that ACEP was entrusted by the Ministries of Energy and Finance to lead negotiations with Independent Power Producers (IPPs), efforts he said helped save the country approximately $250 million in legacy debt and more than $7 billion over the life of renegotiated agreements.
Despite this constructive relationship, ACEP stressed that the current debate goes beyond support for Ghanaian participation in the oil sector. According to Boakye, existing laws already provide incentives for local content, and the organisation fully backs these frameworks—though implementation challenges remain.
ACEP’s core concern, he said, is the absence of any legal basis for the state to absorb private-sector losses in a high-risk venture with inconclusive data. He warned that such a move could set a dangerous precedent in the petroleum sector.
The statement also raised questions about the government’s reported plans for an “independent evaluation” of Springfield’s field. Boakye underscored that the Petroleum Commission is the legally mandated independent regulator with more than a decade of institutional experience. If its independence is in doubt, he argued, this points to a deeper governance crisis.
Boakye noted that the Commission has repeatedly indicated that Springfield has not submitted full raw data necessary for a conclusive assessment. Until this gap is addressed, he said, the regulator’s evaluation cannot be deemed complete.
ACEP criticised attempts to circumvent the regulatory process to accommodate a private company, warning that such actions undermine the authority of the Commission and weaken regulatory consistency across the sector.
The organisation also raised concerns about proposals for GNPC and its subsidiary Explorco to lead a fresh valuation of the field. Boakye pointed to past decisions by these entities that have cost the country financially and contributed to delays in key projects. He argued that GNPC recently endorsed Springfield’s data in a valuation conducted less than six months ago, despite the Commission’s outstanding technical issues.
Bringing in external consultants before the regulator completes its work, ACEP warned, risks eroding institutional control and compromising the state’s management of the petroleum sector.
“Every analysis so far—except those by Springfield and GNPC—contradicts the claims of commerciality of the field,” the statement said.
ACEP insists that the way forward is straightforward: the Petroleum Commission must be given full access to all raw data and allowed to complete its evaluation. Any disagreements with its conclusions, Boakye noted, should be resolved through lawful processes rather than political shortcuts.