The Africa Centre for Energy Policy has described the recent oil discovery by Springfield Exploration and Production Limited as a big win for the local oil and gas industry and Ghana as a whole.
Springfield recently made a discovery of more than 1.2 billion barrels of oil in its deep-water drilling off the coast in the Western Region.
The company last month commenced its drilling activity in the West Cape Three Points Block 2 and a little over a month later made a discovery.
Speaking to Citi News, Senior Policy Analyst at ACEP, Pauline Anaman indicated that the discovery would possibly increase the country’s oil revenues.
“The find by Springfield is very important for us as a country because it will increase our revenue in oil. The other thing is that the find will lead to the development of the field and that will require the acquisition of input from the domestic market so it creates an opportunity for the oil and gas industry. So that is a good thing.
Springfield is the only indigenous Ghanaian company in the upstream business. So this is something they have under their arms and it will open opportunities for them.”
“For Springfield to do this, it means that Africa is capable of doing this. It further confirms the importance of building the technical competencies of local companies to take advantage of opportunities in upstream oil and gas industries”, she added.
Ghanaian firm Springfield makes historic oil discovery of 1.2bn barrels in deepwater
Springfield Exploration and Production Limited’s (SEP) Chief Executive Officer, Mr. Kevin Okyere had said the historic achievement chalked by his company was symbolic of what determination and perseverance could do for any individual or group of people.
He noted that from the onset, there were many who doubted the ability of Springfield to go beyond obtaining the Block from the Government, adding that even when the company brought in the world’s largest seismic vessel to Ghana to undertake research, there were ‘doubting Thomases’.
Mr. Okyere expressed hope that Springfield’s successes offshore and the numerous experience it had gathered reaching this far, would become a lesson to other Ghanaian and African companies to learn from.