Home Business Oranto Petroleum acquires stake in Zambian oil

Oranto Petroleum acquires stake in Zambian oil

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Oranto Petroleum has acquired a 90 percent stake in two exploration blocks located onshore Zambia. The two oil blocks are Blocks 17 and 27, this deal will increase the company’s operation to 12 jurisdictions and also raises its oil and gas licenses by two to 24.

This new agreement will see ZCCM Investment Holdings control the remaining 10 percent stake on behalf of the Zambian Government. The agreement also requires conducting geological and geophysical studies for the first two year period.

Speaking on this new agreement, the Chairman of Oranto Petroleum, Arthur Eze, noted that the company is committed to an aggressive investment program in frontier markets.

In his words:

“Our specialty is discovering potentials in Africa’s frontier oil and gas markets and we are pleased to add Zambia into an oil and gas producing nation.

“The presence of Oranto Petroleum Company will in no distant future be felt in countries around the globe. We have built integrity and capacity for onshore and offshore, and we have proved that Oranto is not an oil firm to be ignored.”

Moves to acquire more oil assets on the continent

The company recently announced that it is investing $550million to develop South Sudan’s Bloc B3. South Sudan’s Ministry of Petroleum and Oranto Petroleum Company, signed the exploration and production sharing agreement, EPSA.

It also recently announced the signing of two production sharing agreements with the  Uganda Government to explore for oil and gas around Lake Albert.

According to the company’s statement, the deal covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks located near the southern part of Lake Albert.

Oranto, however, has the option to renew the agreement and commence a second exploration period consisting of additional seismic data acquisition, the drilling of one exploration well and the drilling of one appraisal well contingent upon the success of the first well.

Also, the company recently open talks with Russian owned Rosneft oil on a possible partnership in the upstream and downstream segment on the continent.

About the company

Oranto petroleum was founded by Arthur Eze in 1993 and is the exploration arm of the Atlas Oranto Petroleum International (AOPI) Limited.

The company has oil blocs across several African countries including Nigeria, Ghana, Senegal, Sao-Tome and Principe, Uganda and South Sudan.

Atlas Petroleum International and Oranto Petroleum are privately held, with a common share ownership, and are registered in Nigeria. Stakes in the companies are held by the Eze family, whose members are actively involved in day-to-day operations.




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