These are challenging times for Nigerian billionaire businessman, Arthur Eze, as reports indicate that the Senegalese government has withdrawn the oil exploration license of his company, Atlas Oranto Petroleum.
According to sources, the decision was taken as part of Senegal’s efforts to strengthen regulation of its energy sector and fast-track the commercial development of its hydrocarbon resources.
The license was revoked after Atlas Oranto failed to meet key operational and financial obligations tied to the asset. Authorities said the company did not provide the required bank guarantees and carried out only limited exploration work, despite receiving several deadline extensions since the license was awarded in 2008.
The affected asset, the Cayar Offshore Shallow exploration block, covers about 3,600 square kilometers north of Dakar. Although the area is considered oil-prospective, no exploratory wells were drilled throughout the license period, even after seismic surveys identified several potential leads.
Under the supervision of Energy and Petroleum Minister, Birame Souleye Diop, the ministry formally terminated the license in September 2025, citing repeated failures to meet contractual and financial requirements. Industry sources also confirmed in early 2026 that there had been little meaningful seismic or drilling activity on the block.
Senegal has since taken back control of the acreage, describing the move as part of President Bassirou Diomaye Faye’s broader plan to enforce compliance and apply stricter standards to petroleum license holders.
The development reflects a wider trend across Africa, where governments are reassessing old oil exploration contracts to ensure that licenses lead to real investment and production, rather than being held for speculative purposes.
The revocation has also drawn attention to Atlas Oranto’s operations in other countries. In Liberia, the company secured four offshore production-sharing contracts in September 2025, covering Blocks LB-15, LB-16, LB-22, and LB-24. The deals reportedly included a signature bonus of between $12 million and $15 million, with planned investments exceeding $200 million per block.
Liberian authorities said the agreements were aimed at reviving a petroleum sector that has seen little activity for more than a decade. As of the time of filing this report, Atlas Oranto had not issued an official response to Senegal’s decision.
