Springfield finds 1.5 billion barrels of oil offshore Ghana

Springfield Exploration and Production (SEP) Limited and its Partners, Ghana National Petroleum Corporation (GNPC) and GNPC EXPLORCO, have announced significant oil discovery following its maiden Afina-1 well drilling campaign in the West Cape Three Points (WCTP) Block 2, offshore Ghana.

Springfield has more than doubled its discovered oil in place volume to 1.5 billion barrels and added 0.7tcf of gas.

With this, Springfield has made history as the first Independent Ghanaian and African Energy Company to drill in deepwater and find hydrocarbons.

“The current undiscovered potential of the Block is estimated at over 3 billion barrels of oil and gas in multiple leads and prospects within various proven reservoir units,” the company said in a statement on Wednesday.

Springfield is currently the Operator and Majority Interest Holder (84%) of WCTP Block 2, with GNPC and its exploration company, EXPLORCO, holding the remaining interest.

Chief Executive Officer of Springfield, Kevin Okyere said: “This is great news for Springfield, Ghana and Africa. We are excited about the discovery as it ties into our vision of becoming a leading African upstream player with a global focus. This for us means increased opportunities to impact the lives of our people positively with the resources.”

Dr. K. K. Sarpong, Chief Executive of GNPC said: “As the national oil company of Ghana, GNPC is proud of this feat, chalked in this all-Ghanaian partnership.   This achievement fits into GNPC’s strategic pillars of: ‘replacing and growing reserves’ as well as ‘enhancing sustainability through local content development…’ This discovery demonstrates once again the high prospectivity of Ghana’s sedimentary basins and the Ghanaian capacity to deliver, given the opportunity.”

Springfield Exploration and Production Limited was incorporated in March, 2008 to pursue exploration and production opportunities in Ghana and the West African sub region.

Source: GNA