GNPC Refutes Claims of Withholding Data in Springfield WCTP-2 Valuation Process
The Ghana National Petroleum Corporation (GNPC) has dismissed what it describes as misleading public reports regarding its role in the ongoing controversy surrounding the valuation of Springfield Exploration and Production Ltd.’s interest in the West Cape Three Points Block 2 (WCTP-2).
The corporation’s response follows heightened public scrutiny after the Ministry of Energy and Green Transition issued a press release addressing concerns raised over Springfield’s data submission to U.S.-based consultant, Ryder Scott Company (Sewell), for asset valuation.
In a detailed clarification, GNPC and its subsidiary, GNPC Explorco, rejected claims that they supplied outdated datasets or withheld updated technical information during the valuation process.
GNPC: “We did not provide Sewell with any secondary data”
Responding to allegations that its executives furnished Sewell with secondary data from the 2020 Aryeetey Report rather than the 2024 appraisal data, GNPC maintained that no such engagement occurred.
According to the corporation, Sewell’s own report states clearly that all data used in its assessment were provided solely by Springfield. GNPC added that Springfield neither communicated nor sought approval before submitting the data set to Sewell.
“GNPC and Explorco had no knowledge of Springfield procuring this report,” the corporation noted, emphasising that it therefore had no opportunity to provide alternative or updated datasets.
Arbitration data controversy
On assertions that the same 2020 dataset—previously linked to Ghana’s loss in arbitration—was again used in the Sewell valuation, GNPC reiterated that Springfield alone supplied the data.
The Sewell report itself contained a disclaimer noting the absence of raw geoscience data and reliance on GNPC’s 2020 estimate of 535 million barrels, a point GNPC says further underscores Springfield’s unilateral action.
No withholding of 2024 primary data
GNPC rejected suggestions that it withheld updated 2024 technical data, leading to questions of intent or effort to “inflate numbers.”
“They were not in control of the process and therefore could not have withheld the 2024 primary data in the first place,” the corporation stressed.
GNPC denies existence of US$700m payout plan
The corporation also dismissed claims of a purported conspiracy to inflate valuations and facilitate a payout exceeding US$700 million to Springfield.
“GNPC has not valued Springfield’s asset at US$700 million and has also not advised the Government to pay Springfield on the basis of any such valuation,” it clarified, adding that internal scenario-based evaluations form part of normal commercial assessments and do not constitute a final determination of asset value.
Government to commission independent valuation
GNPC noted that Government is already initiating a transparent, independent valuation process led by a competent technical firm and a transaction advisor. This process is expected to rely on up-to-date data and cover Springfield’s interest as well as other related assets.
The corporation assured the public that all decisions taken regarding WCTP-2 remain transparent and aligned with the national interest.
