ABUJA: Oranto Petroleum, owned by Nigerian multibillionaire and philanthropist, Prince Arthur Eze, has dismissed as false and misleading, claims by the Government of Senegal concerning the St Louis and Cayar offshore licences previously operated by the company, insisting that the narrative being promoted does not reflect the true circumstances surrounding its operations and investment decisions in the country.
In a statement issued by the Management of Oranto Group, the company explained that it voluntarily decided in 2025 to suspend further investments in the St Louis and Cayar licences after the Senegalese government insisted on a US$25 million bank guarantee, contrary to an agreed corporate guarantee arrangement which, according to Oranto, is the same structure being accepted from other operators in Senegal.
The company said this change in conditions fundamentally altered the commercial understanding under which it was operating.
Oranto Petroleum stated that, contrary to insinuations of non-performance, it has so far committed over US$45 million in Senegal, covering seismic acquisition and interpretation, acreage rentals, social investment projects and the training of Senegalese nationals as stipulated in its contractual obligations.
The company stressed that “these records exist and can be fact-checked,” adding that its contributions to the sector and local capacity development are well documented.
The company expressed concern that it appeared to have been singled out in what it described as an “unfair, unjustified and targeted” narrative by the Senegalese authorities, noting that other foreign operators are also facing significant challenges in the country.
Oranto pointed to the ongoing arbitration involving Woodside and the Government of Senegal over back costs on the Sangomar Development, alleged plans by the government to nationalise the Kosmos-operated Yakaar-Teranga gas project, and the reported exit of British Petroleum from Senegal following disagreements with the authorities.
Reaffirming its continental footprint, Oranto Petroleum described itself as a foremost player in hydrocarbon exploration in Africa, having committed over US$500 million to exploration and development activities across the continent.
The company said its business model is centred on early-stage exploration, acreage de-risking and subsequent development in partnership with third-party operators.
Oranto Petroleum further emphasised its respect for the rule of law in all jurisdictions where it operates and urged the public and stakeholders to disregard narratives that, in its words, “continuously focus on demarketing African investment opportunities,” warning that such narratives undermine efforts aimed at promoting sustainable development for the benefit of Africa and its citizens.
