The Minister for Energy and Green Transition, John Jinapor, says the government will only support a potential state-led takeover of Springfield Exploration and Production Limited’s (SEP) stake in the West Cape Three Points Block 2 (WCTP2) after an independent and transparent valuation proves the field holds strong commercial prospects.
Speaking on the Super Morning Show, John Jinapor confirmed that Springfield had approached the government, the Ghana National Petroleum Corporation (GNPC) and Explorco for support as part of ongoing discussions over the struggling asset. He said objective technical and commercial assessments must guide any decision on state involvement.
“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.”
He explained that both a technical valuation and a commercial valuation will determine whether the asset is worth state investment. According to him, if the assessment confirms that the WCTP2 field has strong potential, especially after already passing through the high-risk exploration phase, the government will be open to providing the necessary backing.
“If it proves that the field holds huge potential, we would engage Springfield and give them whatever support is required,” he noted.
John Jinapor, however, made it clear that the government will walk away if the results fall short of expectations. “If it does not meet the criteria, forget about it,” he stressed.
The discussion comes as the government explores measures to safeguard declining petroleum assets and boost national oil production amid reduced output from existing fields such as Jubilee and TEN.
Source: Myjoyonline.com
