This is part of the company’s efforts to ascertain the resource allocation of the oil block before it begins development processes needed for oil production to start.
Consequently, the Chief Executive Officer (CEO) of Springfield Group, owners of Springfield E&P Limited, Mr Kevin Okyere, in an interview with the GRAPHIC BUSINESS explained that the company was expecting the arrival of the biggest seismic vessel in the world in the next two weeks to undertake the project.
The company acquired the 673-square kilometre block last year. The deal was subsequently ratified by Parliament in March 2016, making it the first indigenous company to have a majority stake in an oil block.
Springfield E&P is the majority shareholder, with Ghana government’s exploration company, GNPC Exploration and Production Company Limited, having minority interest.
“Since we got ratified, we had wanted to drill but we found out that the data the Ghana National Petroleum Company (GNPC) gave us would not really help us so we had to actually shoot a new 3D broadband seismic.
“And now this is what will allow you to see everything because we know there is oil, but we need to know where exactly to drill. In this business, the most important thing is the seismic.”
“We know that there is oil because it has been drilled, and also there is gas which has been drilled. The most important thing is that you want to know where the oil is,” Mr Okyere said.
He also noted “We have gone for the biggest seismic vessel which will arrive in Ghana in two weeks. This is truly historic because for the first time, a Ghanaian company owns a block. There are no foreign partners.
“We intend to drill first or second quarter next year because it depends on government’s approvals too. All things being equal, we will start actual production in the next three to five years.”
Mr Okyere said as the first Ghanaian company to own an offshore oil block, Springfield was determined to show that Ghanaians were very capable of participating in the oil exploration and production business.
He added that the company was looking to establish partnerships with experienced international and local firms that would promote the local content development and capacity-building objective of the parent company, Springfield Group.
The Springfield Group, based in Ghana and Nigeria, is a cluster of energy companies that is rapidly becoming one of the unique entities operating in the natural resource sectors of the West African development and trading industries.
The nature of the group’s business is acquisition, exploration and production of its upstream assets, transportation of hydrocarbons, infrastructure and storage facilities, as well as the trading of hydrocarbons. The group is multifaceted and integrated, operating across the entire chain of the oil and gas industry.
Mr Okyere said the Springfield Group was interested in promoting local business. “We honestly think that some of the contracts that are awarded to some of the foreign companies can be done by our indigenous companies and as a group, we are very keen on working with Ghanaian companies.”
He said Springfield was committed to promoting cleaner and equitable access to energy by proper environmental governance of natural resources.
“Springfield is also committed to the adaptation and protection of coastal lines and the sustainable development of fishing communities through education and healthcare outreaches.