The Actual Reason Arthur Eze Offshore Oil Exploration License Was Revoked By Senegal Revealed
The Actual Reason Arthur Eze Offshore Oil Exploration License Was Revoked By Senegal Revealed
Detail of the reason Arthur Eze Offshore Oil Exploration License was revoked by Senegalese authority has been made public.
Igbo-born Nigerian billionaire businessman, Arthur Eze’s Oranto Petroleum Company’s upstream oil and gas exploration license has been revoked by Senegalese Authority.
The revocation of the licence issued to his company ,the Atlas Oranto Petroleum is due to the company’s inability to meet some of the financial criteria and operational goal given stipulated by the Senegalese energy and petroleum sector.
The revocation of the licence comes under Senegalese president, Bassirou Diomaye Faye new regulatory oversight aimed at ensuring productivity and profitability in the oil and gas sector of the country necessary for the country’s economic growth and development.
The licence was awarded to Arthur Eze’s privately owned Oranto Petroleum in 2008 with initial coverage of 3600 Square Kilometer of the northern part of Dakar peninsula perceived as having high concentration of unexplored oil.
Report says the revocation of the licence became necessary after Arthur Eze’s company, Oranto Petroleum failed to carryout any exploration drills across the oil block assigned to him throughout the licence period.
Record shows that Arthur Eze’s oil exploration license was withdrawn by Senegalese minister of energy and petroleum, Birame Souleye in September 2025 due to Arthur Eze’s Oranto Petroleum’s failure to comply with the financial and contractual objective to the oil exploration deal.
Following the reclamation of the oil field from Arthur Eze’s Oranto Petroleum, the Senegalese energy and petroleum ministry described the development as a necessary strategy to ensuring discipline and checkmating petroleum exploration license holders in the country.
