Oranto Petroleum, Owned by Nigerian Billionaire Arthur Eze, Exits Senegal Citing Contract Breach
Oranto Petroleum, a company owned by Nigerian billionaire Prince Arthur Eze, has exited Senegal's oil sector following the government's revocation of its offshore exploration license. The company cited a breach of contract, specifically the failure to provide the required bank guarantee for exploration activities.
Despite investing $45 million in seismic data acquisition, interpretation, acreage rental payments, and social impact projects, Oranto Petroleum faced challenges with the Senegalese government's sudden policy shift demanding a $25 million bank guarantee. This move has raised concerns about the investment climate in Senegal and the treatment of foreign investors.
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