Wealthy businessman, Arthur Eze has had the exploration licenses of his oil blocks in Equitorial Guinea revoked. The authorities in the West African n
Wealthy businessman, Arthur Eze has had the exploration licenses of his oil blocks in Equitorial Guinea revoked. The authorities in the West African nation are accusing him of violating the production sharing agreements both parties entered into before he was given the licences.
The licenses are operated by his company, Atlas Oranto Petroleum International Limited, a Nigerian independent oil company.
The government of the small but oil-rich nation on Africa’s west coast is insisting that he pays $10 million if he wants a chance to recover his oil blocks.
The latest demand signals that Eze’s long-running way of doing business in the country is wearing thin. Officials have warned that unless Atlas Oranto meets its financial commitments, work programs, and local content rules, it could lose what’s left of its exploration licenses.
But despite this setback, Eze is expanding his Atlas Oranto globally, securing an extension in Uganda’s Ngassa Deep and Ngassa Shallow areas.
Under the new terms, the company must drill at least one exploration well and one appraisal well, depending on the results of the first. The Ngassa block, located in Uganda’s Hoima District within the Albertine Graben, remains a key part of the company’s African portfolio.
Eze has also been looking beyond Africa.
In August 2024, his company signed a major oil prospecting agreement in Venezuela, a bold move to expand the company’s global reach. By tapping into Venezuela’s massive oil reserves, Eze is betting on new opportunities in a country that still holds one of the largest proven oil reserves in the world. The agreement to prospect for oil was signed in the presence of Venezuelan President, Nicolas Madura. This step not only strengthens Atlas Oranto’s global position but also reflects a broader trend of African energy companies taking bigger roles on the international stage.
