Table of Contents
Key Points
- Springfield denies fraud claims, says $100 million dispute with Petraco is contractual, not criminal, and lacks supporting evidence.
- Arbitration records show both parties completed due diligence before Petraco allegedly withheld half the agreed funds.
- Springfield reaffirmed its legal compliance and criticized one-sided media coverage amid ongoing offshore oil expansion in Ghana.
Springfield Group, the energy conglomerate led by Ghanaian businessman Kevin Okyere, has strongly rejected fraud allegations filed by Petraco Oil Company SA. The complaint, submitted to Ghana’s Economic and Organized Crime Office (EOCO), accuses Springfield of wrongdoing in a $100 million facility agreement—claims the company calls “false and unfounded.”
According to Springfield, the disagreement stems from a 2023 financial arrangement with Petraco. Arbitration records reviewed by this publication confirm the matter involves a commercial dispute, not a criminal one. The company insists the petition misrepresents the nature of the disagreement and lacks supporting evidence.
Springfield defends integrity in $100 million dispute
Court filings show the dispute centers on a facility agreement in which Petraco allegedly pledged to provide $100 million in funding. Springfield contends that Petraco disbursed only half the agreed sum, but still registered collateral against 10 percent of its shares.
Verified arbitration documents reveal that both parties completed due diligence before signing off on the terms. Springfield argues that Petraco’s referral of the matter to EOCO is a sharp departure from how commercial disagreements are typically handled.
The company also raised concerns about media reporting it considers one-sided. “This remains a contractual matter, not a criminal one,” Springfield said in a letter shared with this publication. The company stressed its clean compliance record and reaffirmed its commitment to operating lawfully within Ghana’s energy industry.
Records from Ghana’s corporate registry show that Springfield has held operatorship of the West Cape Three Points Block 2 since 2016, awarded under Ghanaian energy regulations. The firm remains a prominent player in the country’s oil and gas landscape.
Springfield finds light oil offshore Ghana
Springfield Group, under Okyere’s leadership, is the first wholly Ghanaian-owned company to hold a majority stake in an upstream oil asset. Its operations span the entire value chain—from exploration and production to storage and trading.
Okyere, who began his career in construction and telecoms, established Springfield Energy in 2008 to tap into Ghana’s emerging oil sector. Since then, the company has steadily grown into one of the country's key energy firms. Its latest campaign with the Deepsea Bollsta rig highlights Springfield’s deepening push into offshore exploration.
In December 2024, Springfield and its partners—the Ghana National Petroleum Corporation (GNPC) and GNPC EXPLORCO—completed a successful appraisal of the Afina discovery. The team re-entered the Afina-1X well, originally drilled in 2019. Located at a water depth of 1,030 meters, the well reached a depth of 4,085 meters and discovered light oil with a gross thickness of 65 meters, including 50 meters of net oil pay in high-quality Cenomanian sandstones.
