Arthur Eze Expands Oil Empire: Atlas Oranto Seals $800m Liberian Oil Deal After Venezuela Move

• Nigerian billionaire Arthur Eze’s Atlas Oranto Petroleum has acquired four Liberian oil blocks in a $800 million deal, boosting its African footprint
• The $800 million deal, which was sealed in Paris, represents a pivotal point for Liberia and the Nigerian oil company
• Owned by Arthur Eze, Atlas Oranto has solidified its presence as one of Africa’s largest oil firms, with a presence in over 22 countries

Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.

Nigerian billionaire and oil mogul Arthur Eze’s Atlas Oranto Petroleum Limited has secured four oil blocks in Liberia, with plans to invest $800 million in the West African country’s oil sector.

The deal followed the agreement between the Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto.

A new dawn for Liberia, Atlas Oranto

According to reports, four Production Sharing Contracts (PSCs) were signed in Paris, representing Liberia’s first major upstream oil deals in over a decade.

The deals, signed under the Petroleum (Exploration and Production) Law of Liberia, will become operational when ratified by the National Legislature and approved by President Joseph N. Boakai.

A Daily Trust report says that the oil blocks include Blocks LB-15, LB-16, LB-22 and LB-24 in the Liberian Basin and include a $12 million signature bonus, alongside planned investments of over $200 million per block.

The new deal to transform Liberia

The Liberian oil regulator’s director general, Marilyn T. Logan, described the deal as a turning point for Africa’s oldest country.

She said:

“Atlas Oranto’s entry into Liberia is a testament to the country’s hydrocarbon potential and commitment to ensuring African companies play a leading role in our upstream programme.”

According to her, the contracts would help deliver wider economic benefits through employment opportunities, capacity building and the transfer of technical expertise.

Atlas Oranto, one of Africa’s biggest privately-owned oil and gas firms, has a presence in over 20 countries.

Atlas Oranto’s Chairman, Prince Arthur Eze, described the Liberian deal as a long-term partnership.

Eze said:

“We are proud to join Liberia at this historic moment. We see Liberia not just as an investment destination but as a partner for success.”

Liberia’s quest to diversify its economy

Experts say Liberia’s ambition to develop its offshore oil assets has received a boost with Atlas Oranto’s entry.

The deals, estimated at a $12 million signature bonus, are seen as potential changes for Liberia’s struggling oil sector.

Officials say the agreements could help diversify the economy, which is heavily dependent on iron ore, rubber and gold.

At the Paris signing ceremony, President Boakai said the aim was to ensure Liberia’s resources are managed transparently and responsibly.

He stated that the contracts will be implemented with strict standards of environmental protection, strong local participation, and clear accountability for the people of Liberia.

Eze’s footprint in the oil and gas industry

Eze’s Oranto operates in 22 countries, including Equatorial Guinea, Senegal, South Sudan, Uganda, Sao Tome and Principe, and Zambia.

The company recently sealed an oil deal with Venezuelan authorities, Legit.ng reported.

Arthur Eze, also a philanthropist and politician, founded Atlas Oranto Petroleum in 1991.

He currently serves as the company’s CEO, which is the largest privately held Nigerian exploration and production group and the largest holder of oil exploration blocks in Africa.

Expansion goals for Atlas Oranto

In 2010, he acquired three oil blocks in Liberia for US $200,000 each. He subsequently sold these blocks to Chevron in the same year for over US $250 million, marking a substantial early profit for his West African operations.

Atlas Oranto Petroleum presently holds 22 oil and gas licenses across 12 African jurisdictions, with assets in Nigeria, Equatorial Guinea, and several other Atlas Oranto-operated blocks.

With its recent contracts in Liberia, the company's Executive Chairman, Arthur Eze, is expanding his presence in Africa and extending his reach into global energy markets.

Prince Arthur Eze's net worth, private jet

Legit.ng earlier reported that on Monday, July 25, 2022, the news was rife that one of Nigeria’s billionaires, Prince Arthur Eze, had acquired a private jet, which adds him to the pool of jet owners in Nigeria.

The billionaire businessman joins the likes of Dangote, Oyakhilome, Oyedepo and a myriad of Nigerians who fly private jets in the country.

The acquisition of the jet by the billionaire further threw him up into the limelight with important questions about the man who hitherto was known but had for a long time relatively escaped public scrutiny.

Source: Legit.ng