Springfield Exploration and Production Limited (SEP), Ghanaian Independent energy firm, has indicated their discovery of more than 1.2 billion barrels of oil in its deepwater drilling off the coast in the Western region. The Springfield Group, has no previous history of oil exploration. However, in the next few days, the CEO, Mr. Kevin Okyere would be joined by the President of Ghana, Nana Akuffo Addo to announce the find in a ceremony.
If the find is confirmed, it would make Ghana the 4th biggest oil producer in the sub-saharan Africa. This find is in contrast to that earlier reported by the exploration stalwart Kosmos Energy. KOSMOS Energy has earlier drilled and abandoned the block on the account of finding no oil.
Mr Okyere said it had been discovered at a depth of 3,323m in waters about 1,000m deep. According to him, the feat puts to rest doubts people had about his company.
For about 3 years now SEP has been building capacity in both upstream and downstream operations. This looks like a payback time for the over $100 million investment made into the exploration work.
Springfield Exploration and Production Limited was incorporated in March
2008 to pursue exploration and production opportunities in Ghana and the West
African sub-region. The process of acquiring a block began in 2012, but this
was finally awarded by the government of Ghana in March 2016.