Ghana’s Springfield begins appraisal work after stating conditions to buy petrol from Dangote

• The Afina-1x offshore oil field has seen the start of well evaluation operations, according to Ghana's first deepwater oil business
• According to reports, the Deepsea Bollsta rig reached the Afina-1x Well on October 17, 2024, and started working there
• The CEO of the company acknowledged the difficulties in obtaining an effective rig, but he was happy to see Deepsea Bollsta already working

Legit.ng journalist Zainab Iwayemi has over 4-year-experience covering the Economy, Technology, and Capital Market.

Springfield Exploration and Production Limited, Ghana's first deepwater oil company, announced on Monday that it has begun well appraisal work at the Afina-1x offshore oil field.

The Deepsea Bollsta rig reached the Afina-1x Well on October 17, 2024, and started working there. Photo Credit: Contributor
Source: Getty Images

The disclosure came three months after an international tribunal ruled in their favour in case against the Ghanaian government. The firm had promised to appraise the Afina-1x well within three months, Vanguard reported.

According to the statement, on October 17, 2024, the Deepsea Bollsta rig arrived at the Afina-1x Well and began operations

The company's CEO, Kevin Okyere, expressed joy at the milestone in a statement provided to journalists in Abuja. He commended the team's perseverance and endurance.

“We have a clear understanding of what being an upstream operator entails, and so we have hired the best possible team with over 60 years of collective experience working for all the super-majors and majors of the world,” he said

Okyere also highlighted the challenges in securing an efficient rig, but expressed delight that Deepsea Bollsta is already on the job.

“Our research has shown that during this busy time in the drilling industry, rigs would not be available for another year, and yet Springfield managed to find one and drilling commenced,” he noted.

Okyere said the company has invested over $60 million in the ongoing well-test and appraisal, adding that the data before us is very positive, “and we’re out to confirm it.”

It is anticipated that the appraisal will aid in halting Ghana's oil production decrease.

Okyere commended the team's diligence and urged Ghanaians to back the business's initiatives.

“I would like to basically announce to everyone here that the rig is finally in the country, and we have commenced the appraisal programme. We’re going ahead to build this appraisal well so that we can finally finish and stop the decline of Ghana’s production,” he said.

At a stakeholders’ engagement, Okyere recalled how far the company had come.

“As the first Ghanaian company and the first African company to own and operate a deep offshore oil block, drill and find hydrocarbons, I think we need to give ourselves an applause that we’ve really done very well,” he said.

Community stakeholders, including fishermen, have lauded the company’s efforts. Nana Kweku Amosa, a fisherman from the Jomoro District, praised Okyere for his visionary leadership and courage in venturing into an area considered to be the preserve of foreigners.

“The company, a wholly Ghanaian-owned firm, must be supported to succeed, just like Aliko Dangote was assisted by the state and its institutions to succeed in Nigeria,” Amosa said.

Springfield’s partners, including local and international blue-chip operators, are also part of the campaign. The company has engaged with stakeholders to inform them about the arrival of the Deepsea Bollsta Rig and advised fishermen to avoid fishing close to the rig to prevent accidents.

Kennedy Nunoo, Corporate Affairs Manager of the company, presented the work programme of the rig to the participants. “The rig will not stay beyond the stipulated time, and we appeal to the Chief Fishermen and fish mongers to share the information with their friends and relations when they return to their landing beaches,” he said.

Ghana gives condition to buy petrol from Dangote

Legit.ng reported that the head of Ghana's oil regulator stated that once Nigeria's Dangote Oil Refinery reaches full capacity, Ghana may purchase petroleum products from the plant.

Reuters reported that Mustapha Abdul-Hamid, the chairman of Ghana's National Petroleum Authority, stated at the OTL Africa Downstream oil conference in Lagos that this may eliminate $400 million in petroleum imports from Europe each month.

He said that by eliminating freight costs, importing from Nigeria instead of Europe would lower the cost of other goods and services.

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Source: Legit.ng