Oranto Petroleum, the Nigerian oil and gas company founded by billionaire Arthur Eze, has suspended its offshore projects in Senegal after investing more than $45 million in exploration and related activities. The move follows a dispute with the Senegalese government over license conditions for the Cayar and St. Louis blocks, which were revoked in late 2025 after authorities cited unmet contractual obligations, according to Business Insider Africa.
Oranto said it paused further investment after Senegal insisted on a $25 million bank guarantee, even though the company had proposed a corporate guarantee similar to those accepted from other operators in the country. The company noted that its expenditures included seismic surveys, acreage rentals, local community projects, and workforce training, and described the government’s actions as “unfair, unjustified and targeted,” as reported by This Day Live.
The Senegalese Ministry of Energy and Petroleum stated that Oranto had not fulfilled key license requirements, including financial guarantees and meaningful exploration activity, despite holding the blocks since 2008. Officials framed the revocation as part of a broader effort to ensure offshore licenses translate into tangible investment and development, Nairametrics noted.
Oranto emphasized that it remains active elsewhere in Africa, having invested over $500 million in exploration and development across the continent, and reiterated its commitment to supporting hydrocarbon projects while urging that public narratives not undermine investor confidence in African energy opportunities.
