Oranto Petroleum, founded by Nigerian multi-millionaire Arthur Eze, has challenged claims by the Senegalese government that it failed to meet obligations on the Cayar and St Louis offshore exploration licences, calling the narrative “unfair, unjustified and targeted.”

In a statement to Business Insider Africa, the Nigerian upstream oil and gas company said it suspended further investments in 2025 after authorities demanded a $25 million bank guarantee, and noted that it had already committed significant capital to exploration, social initiatives, and local workforce development.

“Oranto Petroleum in 2025 decided to suspend any further investments in the St Louis & Cayar licences after the Government of Senegal insisted on $25 million bank guarantee as against agreed corporate guarantees being provided by other operators in Senegal,” the company said.

“For record purposes, Oranto has invested over $45 million in seismic surveys, acreage rental, community projects, and training of Senegalese staff,” it added.

Senegal formally withdrew the Cayar Offshore Shallow licence in September 2025, citing unmet contractual obligations and minimal exploration activity.

The Ministry of Energy and Petroleum, led by Birame Souleye Diop, framed the revocation as part of a broader policy under President Bassirou Diomaye Faye to ensure petroleum licences translate into tangible exploration and development activity.

The decision was publicly reported in early 2026 by industry and media sources.

The government said the absence of drilling activity on the block, which covers roughly 3,600 square kilometres north of the Dakar peninsula, was a key factor in the revocation.

While seismic surveys and other work had been conducted, Dakar said these activities were insufficient to meet licence requirements.

Oranto however, rejected the portrayal as “a false narrative,” asserting that it had exited the licences prior to the revocation decision and had consistently met obligations up to that point.

The company also noted that other operators have faced similar challenges in Senegal, citing disputes involving Woodside at Sangomar, Kosmos’s Yakaar-Teranga gas project, and BP’s exit from the country.

The company highlighted its broader footprint in Africa, noting over $500 million invested in exploration and development.

Oranto describes itself as an early-stage explorationist, focused on identifying and derisking prospective blocks before partnering with third-party operators for later-stage development.

“Oranto Petroleum remains respectful of the rule of law in all jurisdictions where it operates and urges the public to disregard narratives that demarket African investment opportunities geared towards the greater good of Africa and her citizens,” the statement said. (Business Insider Africa, but headline rejigged)

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