Oil mogul, Prince Engr. Arthur Eze, has reacted to the revocation of his oil mining deal in Senegal, alleging that the country is unjustly targeting his business interests.
In a press release signed by the management of his company, Oranto Group, Eze dismissed the reasons given for the revocation as false, stressing that Oranto Petroleum remains a leading player in hydrocarbon exploration across Africa, with over 500 million dollars invested in exploration and development activities on the continent.
The statement said: “Oranto Petroleum would like to respond to the false narrative currently being perpetuated by the Government of Senegal on the St Louis and Cayar Offshore Licences previously operated by Oranto Petroleum.
“Oranto Petroleum, as a business model, remains an early explorationist focused on acreage derisking and later-stage development in collaboration with third-party operators.”
The company noted that it decided in 2025 to suspend further investments in the St Louis and Cayar licences after the Senegalese government demanded a 25 million dollar bank guarantee instead of the corporate guarantee earlier agreed and reportedly accepted for other operators in the country.
“For record purposes, Oranto Petroleum has committed over 45 million dollars in Senegal, covering seismic acquisition and interpretation, acreage rentals, social projects and training of Senegalese nationals, as stipulated in the contract,” the statement added.
Oranto Group insisted that the revocation was unfair and amounted to deliberate targeting, noting that other foreign companies operating in Senegal were facing challenges but were allowed to continue operations.
“It is worth mentioning that for reasons best known to the Government of Senegal, Oranto Petroleum has been singled out in this false narrative. This we classify as unfair, unjustified and targeted,” the company said.
The group reaffirmed its respect for the rule of law in all jurisdictions where it operates and urged the public to disregard what it described as misleading narratives that undermine African investment opportunities.
David-Chyddy Eleke in Awka
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