Senegalese authorities have revoked the offshore exploration rights held by Atlas Oranto Petroleum, a privately owned upstream oil and gas firm founded by Nigerian energy entrepreneur Arthur Eze, reinforcing a tougher regulatory approach toward long-stalled licences.
The government has revoked Atlas Oranto Petroleum’s Cayar Offshore Shallow licence, citing failure to provide the required bank guarantees and more than 15 years of minimal exploration activity since the block’s award.
Nairametrics A regulatory review conducted by Senegal’s Ministry of Energy and Petroleum found that Atlas Oranto breached key financial and contractual obligations attached to the licence. Senegal said the company did not provide the necessary bank guarantees and carried out only limited exploration work despite several deadline extensions.
Don’t Miss This: Global oil prices fall below Nigeria’s $64.85 2026 budget benchmark
The offshore block covers about 3,600 square kilometres north of the Dakar peninsula and has long been regarded as oil-prone, with seismic surveys over the years identifying several geological leads. However, no exploration wells were drilled throughout the licence period.
Under the supervision of Minister of Energy and Petroleum Birame Souleye Diop, the ministry formally withdrew the licence in September 2025, citing repeated failures by the operator to meet financial and contractual obligations. Industry accounts referenced in early 2026 confirmed that there was little meaningful seismic acquisition or drilling activity during the licence period.
Officials at the Ministry said the licence withdrawal was unavoidable after repeated breaches by the operator, stressing that Senegal’s natural resources must be developed responsibly, transparently, and in a way that delivers value to the state.
By revoking the permit, Senegal has reclaimed full control of the Cayar Offshore Shallow acreage a move that aligns with President Bassirou Diomaye Faye’s broader agenda to strengthen regulatory oversight and enforce contractual discipline in the extractive sector.
Don’t Miss This: Global oil prices fall below Nigeria’s $64.85 2026 budget benchmark
The decision places Senegal among a growing number of African oil and gas producers reassessing legacy exploration contracts signed under earlier, less stringent regimes. Governments across the continent are under increasing pressure to ensure that petroleum licences lead to tangible investment, drilling, and production rather than being held for speculative purposes.
The revocation has also renewed scrutiny of Atlas Oranto Petroleum’s wider regional footprint, where its execution record has faced criticism in several jurisdictions.
Image Credit : Nairametrics
Source: Nairametrics
