Kevin Okyere Heads to Accra After Paying $5M

The founder of Springfield Exploration and Production (SEP), Kevin Okyere, is set to return to Accra following reports that he has paid an i...

The founder of Springfield Exploration and Production (SEP), Kevin Okyere, is set to return to Accra following reports that he has paid an initial sum of US$5 million as part of the requirements tied to his current legal issues in Dubai.

Mr. Okyere has been involved in a $94 million fraud case initiated by Petraco Oil Company SA, a firm based in Switzerland, which led to his temporary ban from departing Dubai.

Individuals involved in the process state that the Ghanaian entrepreneur has already completed the initial portion of a agreed-upon payment, creating conditions for his return to Ghana.

This occurred following a visit from his family members who came from Ghana.

Information is still kept confidential, but sources indicate that additional payments are anticipated as part of a larger agreement. Nevertheless, it remains uncertain if the reported settlement impacts the actual case against him in the United Arab Emirates (UAE) or any associated inquiries in Ghana.

The expected return of Mr. Okyere to Accra occurs against the backdrop of increasing public attention on his commercial activities, including inquiries regarding Springfield's widely reported oil find and the company's continuous conflicts within Ghana's petroleum industry.

Neither Ghana nor the UAE authorities have released any official comments regarding the recent situation.

It follows that the Mahama administration, in a press statement, presents its intended acquisition of Springfield's assets as part of a national plan to protect oil resources, which might seem technically appropriate, yet is viewed as a government rescue for a group that faces numerous uncertainties.

Professional technical and transactional consultants are being hired, due diligence is being assured, and the government's involvement is being highlighted.

A statement released by Richmond Rockson, the Spokesperson and Head of Communication at the Ministry of Energy, revealed that the Ghanaian government is exploring a state-controlled acquisition of Springfield Exploration and Production Limited's (SEP) interest in the West Cape Three Points Block 2 (WCTP2) as part of initiatives to protect dwindling oil resources and enhance domestic oil output.

It mentioned that GNPC and its upstream subsidiary, GNPC Explorco, are engaged in "constructive discussions" with SEP about a potential acquisition. This initiative is part of the government's larger plan to enhance upstream production and avoid valuable resources being left unused because of "extended commercial or operational challenges."

To oversee the process, the Petroleum Commission and GNPC are hiring an independent Technical Consultant and Transactional Advisor. Their responsibilities will involve a comprehensive technical evaluation of the block, a review of previous costs, financial due diligence, and an independent assessment of SEP's stake to establish its true value.

"The statement highlighted that the government views it as critical to accelerate the development of the WCTP2 resource base," citing the nation's decreasing crude output and global uncertainties during the energy transition. Authorities believe prompt action will avoid additional delays, release economic benefits, maintain upstream income, and enhance Ghana's energy security.

The Ministry's announcement on Wednesday, November 19th, 2025, stated that upcoming developments in the block might include collaborations with expert deep-sea operators to boost production.

The government also emphasized its dedication to local content, stating that the intervention is in line with national policy goals to develop a "competitive, robust, and locally driven oil and gas industry."

The statement emphasized that the current process does not affect any inquiries related to SEP or its subsidiaries, noting that due process and institutional autonomy are completely upheld.

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