GNPC and Explorco say they did not withhold the 2024 primary data as widely claimed
The Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, have dismissed what they describe as “misleading reports” suggesting they supplied outdated data for the valuation of Springfield Exploration and Production Limited’s interest in the West Cape Three Points (WCTP) Block 2.
In a statement issued on November 24, 2025 and sighted by GhanaWeb Business, the two institutions clarified their role following a recent press release from the Ministry of Energy and Green Transition, stressing that they neither provided secondary data to international consultancy firm, Sewell, nor withheld updated information.
Responding to claims that GNPC and Explorco shared secondary data from the 2020 Aryeetey Report with Sewell instead of updated 2024 appraisal data, the statement said the allegation was false.
“The Sewell report contains a disclaimer and states that the data used in the report was provided by Springfield solely,” GNPC noted.
The Corporation added that it had no knowledge of Springfield’s intention to procure the report or what data the company intended to submit.
Government engages Springfield in potential takeover of interests in WCTP2 oil block
“Springfield did not communicate to GNPC its intention to submit such data to Sewell for the valuation of the asset. GNPC and Explorco had no knowledge of Springfield procuring this report. The report is categorical that it is based on Price and Cost parameters and that the data used in the report’s estimates were provided by Springfield. GNPC and Explorco could therefore not have had the opportunity to provide a 2024 appraisal data available to them,” the statement explained.
The two institutions also rejected claims that they supplied the same dataset that contributed to Ghana losing an earlier arbitration case.
“It was Springfield’s sole decision to supply the 2020 GNPC report. It is evident from the disclaimer neither GNPC nor Explorco was responsible for providing the 2020 data,” it clarified.
They stressed that the Sewell disclaimer itself confirms this position.
“The raw geoscience data for the OCTP Block were not available for this evaluation; therefore, we used GNPC’s 14 October 2020 estimate of 535 million barrels,” the statement highlighted.
Addressing accusations that they [GNPC and Explorco] intentionally withheld updated 2024 primary data, the institutions maintained that they played no role in the valuation process initiated by Springfield.
“GNPC and Explorco executives did not withhold the 2024 primary data. They were not in control of the process and therefore could not have withheld the 2024 primary data in the first place,” the statement said.
The organisations further pushed back against suggestions of a plot to inflate the value of Springfield’s asset by more than US$700 million.
“There is no such conspiracy. 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,” GNPC and Explorco stated.
The statement clarified that GNPC routinely evaluates assets based on multiple scenarios, price, cost, and volume, as part of its commercial mandate, but such assessments do not amount to formal recommendations.
GNPC noted that the government is currently preparing to appoint a “competent technical entity” and a transaction adviser to conduct an independent valuation using up-to-date data.
The Corporation assured the public that the handling of the matter has been fully transparent.
“Government’s decision regarding this asset has been very transparent and has been taken in the best interest of the people of Ghana,” the statement concluded.
MA
