Springfield Oil

Indigenous Ghanaian exploration and production firm Springfield announced here on Wednesday it had confirmed the discovery of 1.5 billion barrels of crude oil on its West Cape Three Points Block two (WCTP-2) field offshore Ghana.

It said the discovery which was in its Afina-1 well also included 0.7 trillion cubic feet of gas

The company estimated that the undiscovered potential of the block it acquired in March 2016 would be more than three billion barrels of oil and gas.

Springfield, which is the operator, holds majority interests of 84 percent of the entire of WCTP Block 2, with Ghana National Petroleum Corporation (GNPC) and its exploration company, EXPLORCO, holding the remaining interest.

In the first quarter of 2019, the country’s economy grew at 6.7 percent, with non-oil GDP growing at 6.0 percent, making oil a significant contributor to the Ghanaian economy. Enditem

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