Springfield Group Discovers Oil in Ghana

Ghanaian exploration and production firm Springfield Group has made a historic deepwater discovery offshore Ghana, the first ever by an indigenous African oil and gas company.

Two discoveries totaling 1.2 billion barrels of crude were made and the company anticipates them to be bigger than Ghana’s Jubilee field. Of the 1.2bn of proven reserves, 30% to 35% are recoverable. Commercially viable quantities of gas have also been discovered.

“We are the first African company to drill in deep water and to find oil,” says Kevin Okyere, Springfield’s Chief Executive, adding that the discovery ties into the group’s vision of becoming a leading African upstream company with a global focus.

Springfield Group expects to boost the country’s production by an additional 250,000 barrels a day by 2020, which would make Ghana the fourth-largest producer in sub-Saharan Africa.