Atlas Oranto Petroleum Limited, the Nigerian independent energy company founded by billionaire Arthur Eze, has suffered a major blow in Senegal after the government revoked its offshore exploration license, a decision that signals more than the end of a long-stalled contract.
Senegal revokes Oranto offshore license
Senegals authorities moved to reclaim the Cayar Offshore Shallow block after concluding that Oranto repeatedly failed to meet core obligations tied to the license. According to officials in Dakar, the company failed to provide mandatory bank guarantees and carried out little substantive exploration work since the acreage was awarded in 2008.
