Energy policy think-tank the Africa Centre for Energy Policy (ACEP) has cautioned the government against any arrangement that could make the state absorb losses linked to Springfield’s oil field, insisting that ongoing regulatory processes must be allowed to run their course.
Earlier this month, the government initiated talks with Springfield for a potential state-led acquisition of its WCTP‑2 stake via GNPC and GNPC Explorco. The aim is to accelerate development of the offshore block and safeguard the resource.
Officials plan to engage independent technical and financial experts to determine a “fair value” through audits, technical studies, and due diligence.
The move, officials argue, is part of a broader strategy to protect Ghana’s petroleum assets, maintain production capacity, and address declining crude output amid global energy transition.
But in a public statement responding to the deal, ACEP’s Executive Director, Benjamin Boakye, said the group’s concerns were not driven by opposition to local participation in the petroleum sector. He stressed that existing laws already provide incentives for Ghanaian ownership and that ACEP supports the country’s local content regulations, even as it acknowledges weaknesses in their enforcement.
“The real issue is that no law allows the state to absorb private sector losses, whether local or foreign,” Mr Boakye said, warning that evidence available to ACEP suggests the venture “is risky and likely to cost the country”.
ACEP also rejected suggestions that the evaluation of the field should be taken away from the Petroleum Commission, which it described as the legally mandated independent regulator. Mr Boakye noted that the Commission had repeatedly said Springfield had not supplied complete raw data, making its assessment inconclusive.
“If the regulator is not satisfied, its evaluation remains incomplete. Full stop,” he said, arguing that bypassing the Commission would undermine confidence in the entire regulatory system and weaken its authority over all industry players.
The policy group further criticised proposals for a fresh “independent valuation” led by the Ghana National Petroleum Corporation (GNPC) and its subsidiary, the Explorco, saying their involvement would be problematic given what it described as past judgement errors that had cost the country money.
Mr Boakye said the same entities had carried out a valuation less than six months ago that endorsed Springfield’s data while “ignoring the Commission’s technical concerns and established international processes for reservoir audits”.
ACEP also opposed the idea of appointing a new consultant with public funds before the regulator completes its work, arguing that it would “weaken institutional control and undermine the state’s ability to manage the petroleum sector”.
On broader relations with government, Mr Boakye said ACEP had maintained “open and honest engagement” with the Energy Minister since he took office, describing reforms over the last 10 months as “genuinely commendable”. He added that the minister and the finance minister had previously entrusted ACEP with leading negotiations with independent power producers, a process he said saved Ghana about $250m in exiting debt and more than $7bn over the life of those agreements.
However, he insisted the way forward on the Springfield matter was straightforward: “Give the regulator full access to the raw data and allow it to finish its work. If any party disagrees, the remedies lie in law, not political shortcuts.”
