Arthur Eze’s Oranto Petroleum Loses Bid To Renew Oil Deal In South Sudan
The Government of South Sudan has turned down request by Nigerian oil firm, Oranto Petroleum to renew the Exploration and Production Sharing Agreement (EPSA) held by a for Block B3. The country’s Petroleum Ministry said this citing work programme failure by the company. Oranto Petroleum, alongside sister company Atlas Petroleum International, is a major Nigeria-based, privately held exploration group founded by billionaire Prince Arthur Eze. The Ministry said that its review found that “Oranto did not meet key work program obligations, including the completion of required seismic surveys and the drilling commitments stipulated in the agreement.” Kenyan Wall Street said in its report. It also added that the Nigerian oil company did not fulfill its financial obligations to the Government of South Sudan and related project commitments, as provided for under the EPSA framework. Founded in Nigeria in the early 1990s, Oranto Petroleum and its sister company Atlas Petroleum are so...