Oranto Petroleum: Why We Suspended Investment in Oil Exploration in Senegal

• Says it has committed over US$45m in expenditures in Senegal

Chuks Okocha in Abuja

The management of Oranto Petroleum, the firm owned by Nigerian billionaire and philanthropist, Prince Arthur Eze, has clarified its suspension of any further investments in the St Louis & Cayar Licenses in Senegal.

The Senegalese government had in January 2026 officially revoked an offshore oil exploration license held by Atlas Oranto Petroleum.

The Senegalese government alleged 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, the management of Oranto Petroleum declared the government of Senegal insisted on US$ 25 million Bank Guarantee as against agreed Corporate Guarantee as being provided by other operators in Senegal.

According to the management, “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.

“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 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 read: “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.