TheManagement of Atlas Oranto Petroleum, the firm owned by a Nigerian energy entrepreneur, Prince Arthur Eze, has said that it suspended further investments in the St. Louis & Cayar Licenses in Senegal following the government’s insistence on US$25 million bank guarantee as against agreed corporate guarantee as being provided by other operators in the country.
The Senegalese authorities had revoked offshore exploration rights of the privately-owned upstream oil and gas firm with a view to reinforcing a tougher regulatory approach toward long-stalled licences, and enhancing regulation in its energy sector and rapidly monetize hydrocarbon resources.
The government alleged that the holder had failed to provide the required bank guarantees and carried out only minimal exploration work since the block was awarded.
Responding to the revocation of the license in a statement issued on Thursday, the management said that the Atlas Oranto Petroleum had committed over US$45 million in oil and gas exploration in Senegal.
“Till date, Oranto Petroleum has committed over US$45 million in expenditures in Senegal covering activities such as seismic acquisition & interpretation, acreage rental, social projects and training of Senegalese locals as stipulated in the contract.
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“Oranto Petroleum remains a foremost player in Hydrocarbon Exploration in Africa having committed over US$500 Million in exploration and development of hydrocarbon in Africa,” the management stated.
The company expressed reservations on why the Senegalese government will single it out for false narratives which it classified as “unfair, unjustified and targeted.”
Part of the statement reads: “Oranto Petroleum would like to use this opportunity to respond to the false narrative currently being perpetuated by the Government of Senegal on the St Louis & Cayar Offshore Licenses previously operated by Oranto Petroleum.
“As a matter of fact, Oranto Petroleum in 2025 decided to suspend any further investments in the St Louis & Cayar Licenses in Senegal after the Government of Senegal insisted on US$ 25 Million Bank Guarantee as against agreed Corporate Guarantee as being provided by other Operators in Senegal.
“For record purposes, till date, Oranto Petroleum has committed over US$45 Million in expenditures in Senegal covering activities such as seismic acquisition & interpretation, acreage rental, social projects and training of Senegalese locals as stipulated in the contract. These records exist and can be fact checked.
“It is worth mentioning that for reasons best known to the Government of Senegal, Oranto Petroleum has been singled out in this false narrative – this we classify as unfair, unjustified and targeted.
“We would like to use this opportunity to state that other foreign entities operating in Senegal are also facing challenges doing business in Senegal and this calls for concern.”
The management stated further: “It is worth noting that Oranto Petroleum remains a foremost player in Hydrocarbon Exploration in Africa having committed over US$500 Million in exploration and development of hydrocarbon in Africa.
“Oranto Petroleum as per business model remains an early explorationist focused on acreage derisking and later stage development in collaboration with third party Operators.
“Oranto Petroleum remains respectful for the rule of law in all jurisdictions where it operates and urges the public to disregard any narratives that continuously focuses on demarketing African investment opportunities geared towards the greater good of Africa and her citizens.”