Senegal has cancelled the offshore exploration licence held by Atlas Oranto Petroleum, the Nigerian-owned oil and gas company founded by Arthur Eze, in a clear move to enforce stricter regulations on underperforming petroleum rights.
The Cayar Offshore Shallow block, awarded in 2008, was revoked after Atlas Oranto failed to provide the required bank guarantees and carried out minimal exploration, despite multiple extensions over the years. The licence covers around 3,600 square kilometres north of Dakar and is considered oil-prone but remains largely untapped.
Energy and Petroleum Minister Birame Souleye Diop confirmed the revocation in September 2025, citing the company’s repeated failure to meet financial and contractual obligations. Industry sources noted that the block saw almost no seismic surveys or drilling during the licence period, with no wells drilled despite promising leads from earlier studies.
Officials said the decision aligns with President Bassirou Diomaye Faye’s administration’s policy to ensure that petroleum licences result in actual investment, exploration, and production, rather than being held for speculative purposes. Senegal’s move signals a tougher stance on accountability and compliance for licence holders.
The revocation has also brought attention to Atlas Oranto’s broader regional operations. In Liberia, the company signed four offshore production-sharing contracts in 2025 for blocks LB-15, LB-16, LB-22, and LB-24, including signature bonuses of $12–15 million per block and planned investments exceeding $200 million each. While Liberian authorities framed the agreements as efforts to boost exploration, lawmakers and civil society raised concerns over transparency, financial capacity, and environmental risks, particularly due to instalment-based signature bonuses that could reduce incentives for early-stage drilling.
Senegalese officials maintained that nearly 20 years of inactivity, coupled with the failure to provide bank guarantees, justified the revocation, emphasizing a governance approach focused on results, accountability, and proper management of the country’s petroleum resources.
