Oranto Petroleum and its sister company Atlas has signed
an agreement which gives it 90 percent stake in two onshore Zambian
blocks 17 and 27, a deal which increases the company’s operation into 12
jurisdictions from 11 and raised its oil and gas licenses by two to 24.
an agreement which gives it 90 percent stake in two onshore Zambian
blocks 17 and 27, a deal which increases the company’s operation into 12
jurisdictions from 11 and raised its oil and gas licenses by two to 24.
This is the company’s first investment in a country that has ambitions to diversify its economy from copper production to oil.
By virtue of the agreement, ZCCM Investment Holdings, investments
holdings company with diversified interests in mining, energy and other
sectors of the Zambian economy in which the country has significant
shares, will control a 10 percent share, on behalf of the Zambian
Government.
holdings company with diversified interests in mining, energy and other
sectors of the Zambian economy in which the country has significant
shares, will control a 10 percent share, on behalf of the Zambian
Government.
The agreement requires conducting geological and geophysical studies for first two 2-year sub-periods.
“Oranto Petroleum is committed to an aggressive work program to
increase the level of prospectivity in one of the world’s last true
frontier markets,” said Prince Aurthe Eze, Chairman of Oranto Petroleum.
increase the level of prospectivity in one of the world’s last true
frontier markets,” said Prince Aurthe Eze, Chairman of Oranto Petroleum.
“Our specialty at Oranto Petroleum is discovering the vast potential
of Africa’s frontier oil and gas markets, and we are very pleased to add
Zambia to our extensive portfolio. We are committed to developing
Zambia into an oil and gas producing nation, as we have many times with
other countries on the continent.”
of Africa’s frontier oil and gas markets, and we are very pleased to add
Zambia to our extensive portfolio. We are committed to developing
Zambia into an oil and gas producing nation, as we have many times with
other countries on the continent.”
However, the company’s strategy is unclear because while it is
ramping up acquisition of oil and gas licenses across the continent,
there are many companies bidding to snap its African oil assets.
ramping up acquisition of oil and gas licenses across the continent,
there are many companies bidding to snap its African oil assets.
Indian firms Bharat, ONGC (state-owned), China’s Yanchang and Russian
oil major, Rosneft are jostling to acquire the oil assets of Oranto
Petroleum in African countries according to Africa Energy Intelligence
reports.
oil major, Rosneft are jostling to acquire the oil assets of Oranto
Petroleum in African countries according to Africa Energy Intelligence
reports.
According to the report, Bharat, ONGC, and Yanchang were also eyeing
Oranto’s Senegalese assets: Cayar Shallow, acquired in 2008, and Saint
Louis Shallow, signed in 2015.
Oranto’s Senegalese assets: Cayar Shallow, acquired in 2008, and Saint
Louis Shallow, signed in 2015.
In Ivory coast, the government cancelled some of the firm’s permits
due to lack of activity giving the impression that it maybe amassing
more portfolio than it can manage.
due to lack of activity giving the impression that it maybe amassing
more portfolio than it can manage.
Oranto Petroleum and its sister company Atlas Petroleum International
comprise the largest African independent by acreage, with active
exploration and production programs across the continent, including
Benin, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and
Príncipe, Senegal, South Sudan and Uganda.
comprise the largest African independent by acreage, with active
exploration and production programs across the continent, including
Benin, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and
Príncipe, Senegal, South Sudan and Uganda.
Current operators in Zambia include Tullow Oil and Bowleven. Though
only marginal finds have been discovered, the under-explored market
shares basins with Tanzania to the northeast and Angola to the west —
both of which have hosted mega oil and gas discoveries.
only marginal finds have been discovered, the under-explored market
shares basins with Tanzania to the northeast and Angola to the west —
both of which have hosted mega oil and gas discoveries.
Operating as sister companies in the West Africa region since 1991,
Atlas and Oranto now operate throughout Africa, with regional offices
and representatives in all our core investment locations.
Atlas and Oranto now operate throughout Africa, with regional offices
and representatives in all our core investment locations.
