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Oranto Petroleum has disclosed that it suspended further investment in oil exploration in Senegal last year after the Senegalese government allegedly reneged on agreed contractual terms governing its offshore licenses.
In a statement made available to Daily Sun, the management of the company, owned by Nigerian billionaire and philanthropist Prince Arthur Eze, explained that it halted investment activities in the St Louis and Cayar Offshore Licenses following what it described as an unfair policy shift by the Senegalese authorities.
The clarification follows the Senegalese government’s decision in January 2026 to revoke an offshore oil exploration license previously held by Atlas Oranto Petroleum. Senegal had claimed the company failed to provide required bank guarantees and carried out only minimal exploration work since the award of the block.
Oranto Petroleum, however, rejected that narrative, insisting that its suspension of investment was a direct response to what it termed a breach of the original agreement.
“As a matter of fact, Oranto Petroleum in 2025 decided to suspend any further investments in the St Louis & Cayar Licenses in Senegal after the Government of Senegal insisted on US$25 million Bank Guarantee as against agreed Corporate Guarantee as being provided by other Operators in Senegal,” the company stated.
The firm argued that the demand for a $25 million bank guarantee contradicted earlier contractual provisions that allowed a corporate guarantee, which it said was the standard arrangement granted to other operators in the country.
The company further challenged the government’s claims that it had not made sufficient financial or operational commitments in Senegal, describing such allegations as misleading and inaccurate.
“For record purposes, till date, Oranto Petroleum has committed over US$45 million in expenditures in Senegal covering activities such as seismic acquisition and interpretation, acreage rental, social projects and training of Senegalese locals as stipulated in the contract. These records exist and can be fact checked,” the statement noted.
Oranto Petroleum also expressed concern that it had been unfairly singled out in what it described as a targeted campaign to damage its reputation.
“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.
Beyond its own case, the company warned that the situation highlights broader challenges facing foreign investors operating in Senegal’s energy sector.
“We would like to use this opportunity to state that other foreign entities operating in Senegal are also facing challenges doing business in Senegal and this calls for concern,” Oranto Petroleum added.
Reaffirming its credentials, the company emphasized its track record and long-standing footprint in Africa’s energy industry.
“It is worth noting that Oranto Petroleum remains a foremost player in Hydrocarbon Exploration in Africa having committed over US$500 million in exploration and development of hydrocarbon in Africa,” the statement said.
The company also outlined its business model, stressing that it focuses on early-stage exploration and risk reduction before partnering with third-party operators for later-stage development.
“Oranto Petroleum as per business model remains an early explorationist focused on acreage derisking and later stage development in collaboration with third party Operators,” it explained.
In closing, the company reaffirmed its commitment to legal compliance and urged stakeholders to resist narratives that could undermine Africa’s investment climate.
“Oranto Petroleum remains respectful of the rule of law in all jurisdictions where it operates and urges the public to disregard any narratives that continuously focus on demarketing African investment opportunities geared towards the greater good of Africa and her citizens,” the management stated.
