Billionaire oil magnate, Prince Engr. Arthur Eze, has accused the Government of Senegal of unfairly targeting his business interests following the revocation of oil mining licences held by his company, Oranto Petroleum.
The allegation was contained in a press statement issued by the management of Oranto Group, in which the company rejected the reasons advanced by the Senegalese authorities for the licence revocation, describing them as false and misleading.
Oranto Petroleum stated that it remains one of Africa’s leading indigenous hydrocarbon exploration companies, with investments exceeding 500 million dollars in exploration and development activities across several African countries.
In the statement, the company responded to what it described as a false narrative being promoted by the Senegalese government concerning the St Louis and Cayar offshore licences previously operated by Oranto Petroleum.
The company explained that its business model is centred on early stage exploration, acreage de risking, and later stage development in partnership with third party operators. It said this model is widely recognised within the global energy industry.
According to Oranto Petroleum, it decided in 2025 to suspend further investment in the St Louis and Cayar offshore licences after the Senegalese authorities demanded a 25 million dollar bank guarantee in place of the corporate guarantee earlier agreed upon under the contractual terms.
The company claimed that the corporate guarantee arrangement had reportedly been accepted for other operators in Senegal, raising concerns about unequal treatment.
Oranto Petroleum further disclosed that it had already committed more than 45 million dollars to its operations in Senegal. This included spending on seismic data acquisition and interpretation, acreage rentals, community development projects, and the training of Senegalese nationals, in line with the requirements of the contract.
The firm described the revocation of the licences as unfair, unjustified, and deliberately targeted. It alleged that other foreign operators facing operational or regulatory challenges in Senegal were allowed to continue their activities without similar sanctions.
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.
Oranto Petroleum reaffirmed its commitment to conducting business in accordance with the rule of law in all jurisdictions where it operates. It also urged members of the public, stakeholders, and potential investors to disregard what it described as misleading narratives capable of undermining investor confidence in African investment destinations.
As of the time of filing this report, the Government of Senegal had not issued an official response to the allegations made by Oranto Petroleum.
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