South Sudan’s newest oil and gas entrant Oranto Petroleum has begun its exploration program through an agreement with BGP Inc. South Sudan. The deal comes just eight months after Oranto signed its exploration and production sharing agreement (EPSA) with the government, and kicks off its three-year first exploration commitment period.
Following a competitive tender process, geophysical specialist BGP was selected to perform an airborne gravity and magnetic survey of the contract area, Block B3. Oranto signed its EPSA with the Ministry of Petroleum in March 2017, committing $500 million to the development of the 24,415-square kilometer acreage. The block is believed to be highly prospective, with productive parts of the Muglad Basin to the northwest and estimated reserves in place of more than 3 billion barrels of oil.
“The development of our assigned contract area and fulfillment of our contractual obligations in South Sudan is a priority for Oranto”, said Prince Arthur Eze, Founder and Executive Chairman of Oranto Petroleum. “The government and the Ministry of Petroleum have been working very hard to create an enabling environment for investors and we are fortunate to benefit from their assistance. South Sudan is a nation with a great future, and we are proud to be a part of that, contributing with a purposeful, well resourced exploration and development campaign.”
Atlas Petroleum International and Oranto Petroleum, the sister companies of the Atlas Oranto Group, own and operate 22 oil and gas licenses in 11 African jurisdictions: Benin, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and Príncipe and the Joint Development Zone, Senegal, South Sudan and Uganda. Founded in Nigeria in 1991, the group is Africa’s largest indigenous explorer by acreage, and with petroleum contracts signed in South Sudan and Uganda in 2017, it is rapidly growing its East Africa portfolio.