Atlas Oranto Petroleum Ltd., the Nigerian independent oil and gas company founded by billionaire Arthur Eze, says it invested more than 45 million in Senegal before the government revoked its offshore exploration license, ending a long-running and largely inactive contract.
Company cites exploration, staff training spend
The company said the funds were spent on seismic surveys, acreage rentals, community projects and the training of Senegalese staff, countering claims that it failed to commit capital to the block. Atlas Oranto said it halted further spending in 2025 after authorities demanded a 25 million bank guarantee, a requirement it said differed from the corporate guarantees accepted from other operators in the country.
