Ghana’s government is advancing plans to acquire the operating stake in an offshore block estimated to hold 1.5 billion barrels of oil, the energy ministry announced. The state-owned Ghana National Petroleum Corporation (GNPC) is set to negotiate with Springfield Exploration & Production over the West Cape Three Points Block 2 (WCTP2), aiming to accelerate development and safeguard future production, according to Reuters.
WCTP2 is also believed to contain about 1.2 trillion cubic feet of gas, making it one of Ghana’s most valuable undeveloped petroleum assets, Business Insider Africa reports.
The move comes amid a significant drop in Ghana’s crude output, with production in the first half of 2025 falling nearly 26 percent compared with the same period last year. Officials say acquiring the block could help reverse the decline, stabilise revenues, and strengthen long-term energy security, as highlighted by Reuters.
Any agreement will be contingent on an independent technical and commercial review to verify resource estimates and ensure the asset’s viability before proceeding. Authorities emphasize their commitment to transparency and sound governance amid growing investor and public interest in Ghana’s oil-and-gas sector, according to Ecofin Agency.
