South Sudan has chosen not to renew the Exploration and Production Sharing Agreement (EPSA) held by Oranto Petroleum for Block B3, the country’s petroleum ministry.
The ministry said its review showed that Oranto failed to meet key work program requirements, including completing the required seismic surveys and carrying out the agreed drilling activities.
It also stated that the Nigerian oil company did not meet its financial obligations to the Government of South Sudan or deliver on related project commitments outlined in the EPSA.
Oranto Petroleum, which was founded in Nigeria in the early 1990s, operates alongside its sister company Atlas Petroleum and holds more than 20 exploration licences across countries including Uganda, Ghana, Liberia, Namibia, Nigeria, and Senegal.
South Sudan’s Ministry of Petroleum said it made the decision after carrying out a full review of Oranto’s performance under the agreement over the six-year contract period.
The ministry has now opened Block B3 to new applications and is inviting qualified international and regional oil and gas companies that can deliver on exploration timelines, meet contractual obligations, and build long-term partnerships.
source: kenyanwallstreet.com
African Energy Council