Springfield Rejects Fraud Claims by Petraco in $100m Oil Dispute

Jul 9, 2025 - 00:04

Accra, Ghana - 9 July, 2025 - A Ghanaian oil company, Springfield Exploration and Production Limited (SEP), has vehemently denied allegations of fraud leveled by Swiss-based Petraco Oil Company SA, describing them as “false and unfounded” in a dispute that has sparked a media storm and a petition to Ghana’s Economic and Organised Crime Office (EOCO).

In a statement released on 7 July 2025, Springfield dismissed the claims as a misrepresentation of a commercial disagreement currently under arbitration, warning that sensationalized reporting could lead to legal action.

The controversy centers on a $100 million facility agreement signed between Springfield and Petraco on 7 February 2023, intended to finance operations in Ghana’s West Cape Three Points Block 2, where Springfield holds an 84% stake alongside the Ghana National Petroleum Corporation (GNPC) and its subsidiary EXPLORCO.

According to Springfield, Petraco disbursed only $50 million of the agreed sum but registered a charge over 10% of Springfield’s shares as security for the full amount, prompting accusations of overreach. Springfield insists that the agreement followed extensive due diligence by Petraco’s legal and technical advisors, with the deal finalized only after Petraco’s full satisfaction.

“This was, and remains, a straightforward commercial arrangement,” the company stated, adding that attempts to portray it as criminal are “misleading and deeply damaging.”

Petraco’s petition, lodged with EOCO on 16 May 2025 and alleges a $94.35 million fraud involving two schemes: a $30.8 million petroleum transaction with Ghana’s Bulk Oil Storage and Transportation Company (BOST) and a $63.5 million loan tied to the stalled unitisation of Springfield’s Afina oil discovery with Eni Ghana’s Sankofa field.

Petraco claims Springfield and its affiliate, GMP Energy Ltd, misrepresented regulatory approvals and diverted funds, citing a February 2025 meeting where Springfield executives allegedly admitted to retaining payments.

Springfield, however, maintains that the dispute is purely commercial, with arbitration proceedings underway in Dubai and London, and has accused Petraco of using EOCO to generate negative publicity.

“The allegations contained in Petraco’s petition are false, unfounded, and entirely without merit,” the company said. “They do not reflect the facts of the commercial relationship between Springfield and Petraco and should not be treated as evidence of criminal conduct.”

“This was, and remains, a straightforward commercial arrangement,” Springfield stated. “Attempts to reframe it as a matter of criminality whilst it is being addressed in arbitration are not only misleading, but deeply damaging.”

“Springfield is a responsible, law-abiding Ghanaian company with a demonstrated commitment to transparency, ethical conduct, and national development. We welcome scrutiny and accountability but expect it to be based on fact—not speculation,” the statement read in parts.