Ghanaian oil Exploration and Production company, Springfield is to receive a $750 million facility from the African Export-Import Bank (Afreximbank).

Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.

Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.

The deal was signed by officials of the company and the bank on Tuesday at the just-ended Afreximbank 30th Annual General Meetings which took place in Accra.

George Owodo, Chief Finance Officer of Springfield and Oluranti Doherty, Director, of Export Development of Afreximbank signed on behalf of their organisations.

Speaking to Joy Business News after the signing ceremony Mr Kevin Okyere, Chief Executive Officer of Springfield said it was a great day for African companies in building an alliance with a great African financial institution like Afreximbank.

The facility, he said, will enable his company to add more value to its oil block and was very excited about the opportunity.

According to him, the facility will tremendously impact the development of the West Cape Three Points Block 2, particularly the unitisation process of the Afina-Sankofa field which is yet to be concluded.

In October 2019, the Afina-1 well made two discoveries that included gas, critical and light oil at a water depth of 1030 metres drilled to a total depth of 4085 metres.

This more than doubled Springfield’s proven oil reserves to 1.5 billion barrels and added almost 1Trillion Cubic Feet of gas to the existing discoveries.

The current undiscovered potential of the Block is estimated at over 3 billion barrels of oil and gas in multiple leads and prospects within multiple proven reservoir units.

Springfield is the Operator and Majority Interest Holder of West Cape Three Points Block 2 with the Ghana National Petroleum Company and its exploration subsidiary, EXPLORCO holding the remaining interest.