Senegalese authorities have revoked offshore exploration rights previously held by Atlas Oranto Petroleum, the Nigerian-owned oil and gas company founded by billionaire Arthur Eze, citing the company’s failure to meet key operational and financial obligations.
The decision, reported by Business Insider, reflects Senegal’s increasing focus on strengthening regulation of its energy sector and fast-tracking commercial development of hydrocarbon resources.
The Cayar Offshore Shallow exploration license, covering approximately 3,600 square kilometers north of the Dakar peninsula, was awarded to Atlas Oranto in 2008. Despite multiple deadline extensions, the company failed to provide the required bank guarantees and carried out only limited exploration work. No exploratory wells were drilled, even though seismic surveys identified several potential leads.
Energy and Petroleum Minister Birame Souleye Diop confirmed the formal termination of the license in September 2025, highlighting repeated contractual and financial failures by the company. Senegal’s government described the move as part of a broader initiative under President Bassirou Diomaye Faye to enforce compliance and implement stricter screening standards for petroleum license holders.
This revocation aligns Senegal with a growing trend among African oil-producing nations reassessing legacy exploration contracts, aiming to ensure oil and gas rights lead to tangible investments and production rather than speculative holding.
The decision also casts renewed attention on Atlas Oranto’s regional ventures. In Liberia, the company secured four offshore production-sharing contracts in September 2025—covering Blocks LB-15, LB-16, LB-22, and LB-24 in the Liberian Basin—with proposed investments exceeding $200 million per block. Liberian authorities hailed the agreements as an effort to reinvigorate a largely inactive petroleum sector.
As of this report, Atlas Oranto has not issued an official response to Senegal’s license revocation.
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