Senegalese authorities have cancelled offshore exploration rights previously held by Atlas Oranto Petroleum, the privately owned oil and gas firm founded by Nigerian billionaire Arthur Eze, as the country tightens enforcement against inactive petroleum licenses.
According to Business Insider, the decision reflects Senegal’s push to strengthen regulation in its energy sector and fast-track the commercial development of its hydrocarbon resources.
The government revoked the Cayar Offshore Shallow exploration license after determining that Atlas Oranto failed to meet key operational and financial obligations tied to the asset. Officials said the company did not provide required bank guarantees and carried out only limited exploration work since the block was awarded in 2008, despite several deadline extensions.
The offshore block, covering about 3,600 square kilometers north of the Dakar peninsula, is considered oil-prospective but remains largely underexplored. Although seismic surveys identified potential leads, no exploratory wells were drilled throughout the license period.
Under the supervision of Energy and Petroleum Minister Birame Souleye Diop, the ministry formally terminated the license in September 2025, citing repeated breaches of contractual and financial requirements. Industry sources also confirmed in early 2026 that there was little meaningful seismic or drilling activity on the block.
Senegal has since repossessed the acreage, describing the move as part of a broader effort by President Bassirou Diomaye Faye’s administration to enforce compliance and apply stricter screening standards to petroleum license holders.
The revocation has renewed scrutiny of Atlas Oranto’s wider regional operations. In Liberia, the company secured four offshore production-sharing contracts in September 2025, reportedly involving signature bonuses of between $12 million and $15 million and proposed investments exceeding $200 million per block.
Atlas Oranto or Arthur Eze have not issued an official response to Senegal’s decision as of the time of filing this report.
