The Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, have issued a strong denial of recent allegations suggesting their involvement in the submission of outdated or secondary data for valuing Springfield Exploration and Production Limited’s interest in the West Cape Three Points Block 2 (WCTP-2). These allegations resurfaced following a press release from the Ministry of Energy and Green Transition, which claimed that GNPC and Explorco provided 2020 data, previously used in an arbitration case, instead of more recent 2024 appraisal data for valuation purposes. In a detailed statement released on Monday, GNPC and Explorco dismissed the claims as both misleading and inaccurate. They clarified that they never supplied U.S.-based consultancy Sewell & Associates with any secondary data from the 2020 Aryeetey Report. Instead, the corporations pointed out that the Sewell report itself includes a disclaimer confirming that all data used was supplied exclusively by Springfield. GNPC and Explorco further stated that they had received no communication from Springfield regarding the submission of such data and were unaware that Springfield had commissioned the valuation. Responding to the accusation that the same dataset contributed to Ghana losing an international arbitration case, GNPC insisted that the use of 2020 data was “solely Springfield’s” decision. Neither GNPC nor Explorco, they emphasised, influenced or directed the data used for the Sewell valuation. The corporations also highlighted that Sewell’s disclaimer noted the absence of raw geoscience data for the relevant block, and the firm relied on a 2020 GNPC estimate as provided by Springfield. This, they said, clearly demonstrates they were not responsible for the data supplied. Dismissing further accusations, GNPC and Explorco insisted they did not withhold updated 2024 primary data, maintaining they “were not in control of the process” and could not have concealed any information. They also rejected claims of an attempt to inflate valuations, stressing they had no involvement in the data submission process. Addressing a separate allegation that more than US$700 million of state funds were at risk due to manipulated or discredited information, GNPC described this as entirely false. The Corporation asserted that it has never valued Springfield’s asset at US$700 million nor advised the government to make payments on such a basis. Rather, internal evaluations are routine commercial assessments considering various scenarios, not final valuation recommendations. GNPC affirmed that the government is commencing a transparent process to recruit a competent technical firm and transaction advisor to conduct an independent valuation of the WCTP-2 and related assets, using the most current data available. The Corporation reassured the public that all decisions regarding the Springfield asset have been transparent and are conducted in the best interest of the Ghanaian people. The statement was issued by the Corporate Affairs Division of GNPC. Source: Apexnewsgh.com