Springfield Exploration and Production Limited (SEP), has completed a US$750million facility with African Export-Import Bank (Afreximbank).
The facility is to impact development of the West Cape Three Points Block 2, particularly the unitised Afina-Sankofa field-A significant step for the upstream oil and Gas Company to boost production for national growth.
“Springfield group are excited to announce a groundbreaking partnership between Springfield exploration and production limited and African Export-Import Bank (Afreximbank) Together, we are paving the way for transformative developments in Ghana’s energy sector.” The group made the announcement on its via official Twitter handle.
The ceremony took place at the just-ended Afreximbank 30th Annual General Meetings held in Accra is expected to re-energise the industry and seek fresh investments in exploring more blocs and generating more revenues.
Despite the global shifting of focus away from fossil fuels, the deal reaffirms the world’s appetite for oil and gas.
In October 2019, the Afina-1 well made two discoveries which included gas, critical and light oil at a water depth of 1,030 metres drilled to a total depth of 4,085 metres.
This more than doubles the independent energy company’s proven oil reserves to 1.5 billion barrels, and added almost 1TCF of gas to the existing discoveries. The block’s current undiscovered potential is estimated at over 3 billion barrels of oil and gas in multiple leads and prospects within multiple proven reservoir units.
Kevin Okyere, Chief Executive Officer- Springfield had this to say: “This is a great day for African companies in building an alliance with a great African financial institution like Afreximbank. This facility will enable us to add tremendous value to our oil block, and we are very excited about the opportunity.”
Springfield
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. The Company is currently the Operator and Majority Interest Holder of West Cape Three Points Block 2, with the Ghana National Petroleum Company and its exploration company EXPLORCO holding the remaining interest.
Afreximbank
The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
