Springfield Oil set to commence drilling on West Cape Three Points block

Indigenous oil firm, Springfield will begin historic oil drilling in its Deep Water West Cape Three Points Block 2 in the Western Region from today, October 7.

The company is going ahead after a drill ship, Stena Forth berthed on the country’s waters last Friday.

Springfield is poised to make history if after drilling it declares discovery in commercial quantities and sets forth to prepare for field development and production in the next few years.

Kevin Okyere, Chief Executive Officer of the Springfield Group, speaking to reporters reiterated his excitement with the new development.

According to him, he believes it would fast track the process of starting a full-scale commercial production.

Okyere added that it “would indeed see us become the first independent, group African Energy Company to drill in deep water.”

“After this drilling campaign, we would be able to tell you that from this assets we would produce this number of barrels a day and it’s going to take this amount of time to be in production,” he said.

The Group CEO said, “We hope that they are going to get commercial production in the next few months.”

Officials of company had earlier disclosed to that they had contracted a charter drillship, Stena Forth for two well drillings in the country on its deep water West Cape Three Points, Block 2 off Ghana.

The Stena Forth is one of the world’s most sophisticated drillships and capable of operating in up to 10,000 feet of water and drilling to a depth of 35,000 feet.

Springfield Oil’s emergence

In April 2017, Springfield – which is a wholly-owned Ghanaian company, contracted the world’s largest seismic vessel, the Ramform Titan owned by Petroleum Geo-Services (PGS) to undertake a 3-D seismic data acquisition on its Block.

Springfield ventured into the upstream sector to secure private Ghanaian involvement in upstream exploration and production opportunities in Ghana and the West African sub-region.

In 2016, the Ghana government awarded Springfield Exploration and Production Limited its pioneer asset- West Cape Three Points Block 2 Offshore Ghana.

Springfield is currently the Operator and Majority Interest Holder (84%) of West Cape Three Points Block 2 with the Ghana National Petroleum Company and its exploration company, Explorco, holding the remaining interest.

Springfield begins its first drilling campaign in 2019 and is on course to be the first independent Ghanaian operating company to drill in deep-water and produce oil and gas in commercial quantities.

Springfield Oil and its operations in Ghana

Springfield commenced operations in Ghana in 2008 and became one of the pioneers, key players in Ghana’s downstream sector.

It obtained a license in 2010 as a Bulk Distribution Company (BDC) from Ghana’s National Petroleum Authority (NPA) for the procurement, sale and distribution of petroleum products to Oil Marketing Companies (OMC’s), refineries as well as neighbouring land-locked countries across West Africa.

Springfield was also the first independent Ghanaian company to lift the Government of Ghana’s crude oil entitlement from the TEN field in 2016 and 2017.

The Group ventured into Nigeria in 2011 where it became active in Nigeria’s downstream sector by exporting crude oil and also handling the exports of new productions and complex logistics from gas to liquid processing. These products were placed directly in Asia and South American countries.

Springfield has interacted with and formed strategic alliances with various oil majors and participants in the downstream sector including BP, Chevron, Total, SK Energy, Braskem, Vitol and, Trafigura.

In the area of oilfield services, Springfield acquired a permit to provide services to the upstream petroleum industry in Ghana in 2011.

Springfield, through one of its subsidiaries, entered into a Joint Venture (JV) agreement with Aker Solutions of Norway, one of the largest companies that provide sub-sea equipment and services to enable the production of oil wells.

The JV Company currently operates in Ghana as Aker Solutions Ghana Limited.