Africa Biz Construction and Business News
Oranto Petroleum Signs MOU for New Oil Production Blocks in Niger
October 31, 2018
Oranto Petroleum, headquartered in Abuja, Nigeria, just signed off on a Memorandum of Understanding with the Republic of Niger, with the goal of soon signing production sharing contracts in Blocks R5, R6, Dibella and Dallol on the Tenere and Agadem Basins in Niger.
The Ministry of Petroleum in Niger approved the MOU on behalf of the Republic of Niger.
According to the agreement signed in September between Prince Arthur Eze, Chairman of Oranto Petroleum, and H.E. Foumakoye Gado, Minister of Petroleum of Niger, Oranto Petroleum is to receive all technical data on the blocks. After a satisfactory review of the technical data, Oranto Petroleum will be granted the blocks under the terms outlined in the country’s petroleum code and as determined by the Ministry of Petroleum.
Blocks R5 and R6 border Savannah Petroleum’s Blocks R1 and R2, which have boasted several discoveries of oil in recent years. The Agadem Rift Basin, in southeast Niger, was explored by the China National Petroleum Corporation, which made 97 discoveries from 127 exploration wells throughout the area.
“We greatly look forward to working with the government of Niger Republic as the country seeks to build its oil and gas portfolio. As a leading African independent with an expertise in frontier exploration, we believe the potential of Blocks R5, R6, Dibella and Dallol has yet to be fully explored, and we are eager to get to work,” said Eze.
Atlas Petroleum International and Oranto Petroleum (atlas-Oranto.com) represent Africa’s largest privately-held, Africa-focused exploration and production group. Its extensive footprint across the African continent includes 21 oil and gas licenses in 12 jurisdictions, including producing assets in Nigeria and Equatorial Guinea and numerous Atlas/Oranto-operated blocks. Operating as sister companies in the West Africa region since 1991, Atlas and Oranto now operate throughout Africa.