- Exclusive: Ghana’s WCTP2 Takeover Plan Hits Creditor Wall: Stena Enforces Judgments, Petraco Battles for Shares
As Ghana prepares for a possible state-led takeover of the West Cape Three Points Block 2 (WCTP2), a coalition of international creditors is circling Springfield Exploration & Production Ltd, the current operator, warning that the Government must not proceed without confronting a ballooning web of unpaid obligations.
The most forceful warning comes from Stena Drilling Ltd, whose letter to the Ministry of Energy dated 26 November 2025 and sighted exclusively by NorvanReports reveals two final, enforceable arbitration awards against Springfield that have now become Ghanaian court judgments.
But as these claims resurface with new urgency, Ghana’s Energy and Green Transitions Minister has publicly insisted that any decision on WCTP2 will be guided strictly by technical and commercial merit, not creditor pressures. Meanwhile, the Ministry’s spokesperson has dismissed public rumours of multi-hundred-million-dollar settlements, insisting, “No deal yet.”
Yet a deeper examination of confidential documents shows that Stena is not alone. A second heavyweight creditor Petraco Oil Company SA is simultaneously fighting to enforce a USD 100 million loan agreement, alleging that Springfield has defaulted and triggered a share pledge and personal guarantees.
Together, their interventions reveal a creditor circle closing tightly around Springfield at exactly the moment Ghana is trying to reclaim the block.
Stena Drilling Fires the First Shot — Final Judgments, No More Appeals
Stena’s letter leaves no ambiguity: Springfield owes them millions, and Ghana’s courts have already validated Stena’s right to collect.
The company states, “Stena holds two London-seated LCIA awards for unpaid offshore drilling services conducted between September and November 2019 using the ‘Stena Forth’ drilling vessel.”
Award 1 — LCIA Case No 204917
- Award date: 31 August 2021
- Orders Springfield to pay:
- USD 6,613,005.35
- Total amount outstanding at award date: USD 6,741,431.17
- Still unpaid, with interest accruing.
Award 2 — LCIA Case No 204917 (Costs Award)
- Award date: 7 October 2021
- Orders Springfield to pay:
- GBP 179,564.15 in costs
- Also unpaid, with interest accruing.
More critically, Stena notes in their letter to the Ministry that, “The Ghanaian courts have recognized these two awards and granted Stena leave to enforce them… On 30 March 2022 the High Court ruled that the awards fully satisfy the requirements… On 16 May 2024 the Court of Appeal upheld the High Court’s decision.”
Unlike other disputes, Stena’s claims are not under arbitration. They are final, enforceable court judgments.
This makes Stena the senior, most legally secure creditor in the Springfield alleged debt chain, and it explains why Stena is warning the Ministry just as talk of a Government acquisition grows louder.
Even as creditors press forward, Ghana’s Energy Minister has consistently shifted the public narrative toward technical criteria, not financial baggage.
In an interview with Accra Accra-based radio station Joy Fm, Minister John Abdulai Jinapor declared: “Independent, fair, technical and commercial — no cedi will be spent without proof. Not a pesewa, ” drawing a firm line
He emphasised that Government would act only after:
- A full independent technical audit,
- Rigorous commercial evaluation,
- Proof that any expenditure is in the national interest.
This is a strong signal that the Government is resisting any move that would appear to “inherit” Springfield’s legacy debts or respond to creditor pressure.
While Stena’s letter is direct and court-supported, Petraco’s position is more complex but no less serious.
In April 2025, Petraco wrote to the Ministry requesting ministerial consent to enforce a share charge covering 10% of Springfield E&P, created under a USD 100 million facility agreement signed in February 2023.
The secured package includes:
- A Share Charge by Springfield Partners Ghana Ltd
- A Corporate Guarantee from Springfield Energy Ltd
- A Personal Guarantee from CEO Kevin Okyere
Petraco claims Springfield defaulted on the first USD 50 million tranche, with exposure rising to “approximately USD 62.76 million including interest.” Documents attached to the letter reportedly include:
- Signed share transfer forms,
- Board resolutions,
- Notarised pledge documents.
On the face of it, Petraco appears ready to seize its pledged shares but Springfield fired back.
In its response to the Ministry, Springfield reportedly admitted that a charge exists but argued that no transfer has occurred and further claimed, “The underlying contractual matter and the enforcement of the share charge are presently the subject of ongoing arbitral proceedings… commenced in January 2025.”
Faced with these conflicting claims, the Ministry ruled, “The Ministry is constrained from taking any action that may pre-empt or otherwise prejudice the determination of matters under arbitration.”
Meaning that until arbitration concludes, the Government cannot grant Petraco the ministerial consent required under Act 919. Petraco is effectively locked out for now.
Taken together, the documents paint a picture of an operator in what some analyst call some high level financial distress:
Stena Drilling
- Has final court-approved judgments
- Worth USD 6.7m + GBP 179k
- Ready to enforce
Petraco Oil Company SA
- Claims USD 62.76m
- Holds share charge + corporate + personal guarantees
- Trapped in arbitration
Springfield
- Denies wrongdoing
- Says disputes are “being addressed”
- Faces a tightening noose of creditor action
Government
- Wants WCTP2 brought back to production
- But must avoid:
- Litigation
- Creditors’ rights violations
- Reputational damage
- The appearance of paying Springfield without due basis
If Ghana proceeds with a WCTP2 takeover without addressing outstanding creditor claims, the state risks:
- Enforcement actions targeting proceeds or transferred assets
- International arbitration for alleged creditor prejudice
- Damage to Ghana’s investment reputation
- Potential accusations of “fraudulent conveyance” under creditor protection principles
Stena’s letter is therefore not just a notice but it is a warning shot.
Petraco’s arbitration is another ticking bomb.
Ghana’s strategic ambition to reclaim control of WCTP2 and the Afina discovery has collided with a painful reality that Springfield’s creditor liabilities are now impossible to ignore.
Whether the Government, proceeds with the acquisition, delays pending audits, forces creditor settlements, or structures the deal entirely, its decisions will define Ghana’s upstream governance credibility for a generation.
But one thing is already clear, Springfield’s creditors are no longer whispering but they are speaking loudly, formally, and with legal force.
