Credit: Kekeli K. Blamey
Ghana’s indigenous oil and gas player, Springfield Exploration and Production Limited (SEP), is taking a firm stand to protect its corporate integrity in the face of what it calls a coordinated effort to damage its reputation.
The company has strongly refuted claims of fraud leveled by Swiss energy trader Petraco Oil Company SA, describing them as baseless and misleading. The allegations, reportedly contained in a petition submitted to the Economic and Organised Crime Office (EOCO), are, according to Springfield, a distortion of an ongoing commercial disagreement currently before an arbitration panel.
In a detailed statement released on Monday, Springfield expressed dismay over the “malicious mischaracterisation” of a contractual dispute as a criminal matter, insisting the media narratives are fueled by an unverified petition with no legal foundation.
“The allegations by Petraco do not represent the facts of the matter. They are deliberately misleading and have no bearing on the legal and commercial reality of our agreement,” Springfield said.
The case revolves around a $100 million facility agreement signed in February 2023, under which Petraco released an initial $50 million. Springfield offered a 10% share charge as security, but contends that Petraco registered its interest over the entire stake without having disbursed the full amount.
Springfield emphasized that Petraco undertook thorough legal and technical due diligence prior to executing the agreement, particularly on Springfield’s assets within Ghana’s West Cape Three Points Block 2.
The company reiterated that this remains a contractual matter and has no elements of fraud or wrongdoing. “What we have here is a standard business transaction that’s unfortunately being sensationalized in the media for reasons we believe are strategic and harmful,” it noted.
Springfield expressed deep concern about the reputational damage caused by what it labeled as sensational and defamatory reporting. The company warned it would not hesitate to pursue defamation claims against parties propagating unsubstantiated accusations.
“This pattern of misinformation is a serious threat to Springfield’s standing as a responsible Ghanaian company committed to ethical business practices and national development. We will take all necessary legal steps to protect our name,” the statement added.
The firm called for professional and responsible journalism, urging the media to avoid being used as a tool for commercial pressure. It also reaffirmed its commitment to transparency and openness, stating it remains ready to engage constructively with stakeholders.
Founded in 2008, Springfield Exploration and Production holds the majority stake and operatorship in the West Cape Three Points Block 2 offshore Ghana, in partnership with the Ghana National Petroleum Corporation (GNPC) and its subsidiary, EXPLORCO.
