Arthur Eze’s Oranto Sells 75% Stake in Sao Tome’s Oil Block to Brazil’s Giant, Petrobras
- Oranto Petroleum has sold its 75% stake in Sao Tome's Block 3 to Brazil's Petrobras
- Petrobras is targeting $1.3 billion for international exploration to replenish ageing oil reserves
- Arthur Eze's Oranto faces setbacks, losing licences in Senegal while expanding in Liberia
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian billionaire and oil mogul, Arthur Eze’s Oranto Petroleum, has offloaded its 75% stake in Sao Tome and Principe’s Block 3 offshore.
The deal, which involved Brazil’s state-owned oil firm, Petrobras, will see the company expand the South American firm’s footprint in West Africa.
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Oranto offloads 75% to Petrobras
The agreement, which was announced on April 17, will see the Brazilian oil giant take over the operation of the Block from the Nigerian oil company, which currently holds 90% stake.
According to reports, the National Petroleum Agency of São Tomé and Principe will continue to retain its 10%, while Oranto will have 15%, and ANP-STP 10%, subject to approvals from regulators.
Petrobras will now have 75% stake pending regulatory approvals.
The deal aligns with Petrobras’ 2026-2030 strategy to diversify its portfolio and replenish reserves via frontier exploration.
Petrobras intensifies Africa exploration
It also marks another milestone in the firm’s renewed drive in Africa after scaling back international operations in the early 2010s following Operation Car Wash fallout.
According to a report by Business Insider, since 2024, Petrobras has built a growing portfolio across the Gulf of Guinea and southern Africa, including stakes in multiple offshore blocks in São Tomé and Príncipe, Namibia, and South Africa.
South Africa is attractive due to geological similarities with Brazil’s pre-salt basins, the fulcrum of its domestic oil boom.
Reports say Petrobras has earmarked $1.3 billion for international exploration in the next five years.
Brazilian giant seeks to replenish oil reserves
It is seeking oil discoveries to offset expected declines from ageing fields after 2030.
The firm currently has about 11.4 billion barrels of oil equivalent, and production is set at a million barrels per day.
For the Nigerian oil firm, Oranto, the transaction shows a similar strategy.
Arthur Eze founded Oranto and has since expanded the company into a pan-African giant and exploration portfolio, securing early-stage licenses and partnering with larger corporations to develop them.
Oranto loses licences in Senegal, gains in Liberia
A prior report by Legit.ng disclosed that the company lost its oil licence in Senegal in January 2026.
The Senegalese government decided to withdraw the offshore exploration licences previously held by Atlas Oranto Petroleum, the privately owned oil and gas company established by Nigerian billionaire Arthur Eze.
The Cayar Offshore Shallow exploration licence, which covers about 3,600 square kilometres north of the Dakar peninsula, was formally withdrawn in September 2025 under the supervision of Minister Birame Souleye Diop.
The Senegalese government said the reason is Atlas Oranto’s repeated failure to provide the necessary bank guarantees and limited exploration activity since the block was awarded in 2008, despite multiple deadline extensions.
In October last year, Atlas Oranto Petroleum Limited secured four oil blocks in Liberia, with plans to invest $800 million in the West African country’s oil sector.
Source: Getty Images
The deal followed the agreement between the Liberia Petroleum Regulatory Authority (LPRA) and 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.
FG opens 50 oil, gas blocks for sale
Legit.ng earlier reported that Nigeria is moving ahead with a major oil and gas expansion plan as the government prepares to open 50 exploration blocks to investors in the 2025 petroleum licensing round.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the process will begin on December 1, following a recent approval by President Bola Tinubu.
The announcement marks one of the country’s most ambitious upstream offerings in recent years, signalling a renewed push to attract capital inflow and close gaps in exploration.
Source: Legit.ng
