SENEGAL REVOKES OFFSHORE LICENCE HELD BY NIGERIAN MULTI-MILLIONAIRE ARTHUR EZE OVER UNMET COMMITMENTS
GREATRIBUNETVNEWS–Senegal has revoked the offshore exploration licence held by Atlas Oranto Petroleum, a company founded by Nigerian energy entrepreneur Arthur Eze, due to unmet operational and financial commitments. Here are the key issues:
– Unmet Commitments: The Senegalese government revoked the Cayar Offshore Shallow exploration licence after determining that Atlas Oranto Petroleum failed to provide required bank guarantees and carried out minimal exploration work since 2008.
– “The company’s repeated failure to meet financial and contractual obligations” led to the licence withdrawal.
– Minimal Exploration: The block, covering 3,600 square kilometres, saw little seismic or drilling activity during the licence period.
– “Industry accounts referenced in early 2026 confirm that the block saw little meaningful seismic or drilling activity during the licence period”.
– Speculative Licence Holding: Senegal’s move is part of a broader trend in Africa to reclaim underutilized oil and gas licences.
– “Governments across the continent are under increasing pressure to ensure that petroleum rights translate into investment, drilling and production rather than being held for speculative or financial optionality”.
– Regional Scrutiny : Atlas Oranto’s activities in Liberia have attracted scrutiny over contract terms and transparency concerns.
– “Critics also questioned the structuring of signature bonuses into instalment-based payments, arguing that such arrangements weaken enforcement and reduce incentives for early-stage exploration”
Senegal sets a firmer compliance benchmark
Senegalese officials said Atlas Oranto’s failure to provide guarantees or advance exploration activity was sufficient grounds for licence revocation, underscoring a governance approach that places delivery ahead of long-term optionality.
SOURCE==BUSINESS INSIDER AFRICA ==EXCEPT THE HEADLINE AND INTRO PLUS A FEW PARAGRAPHS
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