Arthur Eze to pay $10 million to regain oil blocks in Equatorial Guinea

Key Points

• Arthur Eze faces pressure in Equatorial Guinea as authorities demand a $10 million bonus to recover oil blocks amid license compliance issues.
• Last September, Equatorial Guinea revoked two exploration licenses from Atlas Oranto for violating production sharing agreements, escalating the pressure on Eze.
• Despite setbacks, Eze expands Atlas Oranto globally, securing an extension in Uganda and a major prospecting agreement in Venezuela.

Nigerian billionaire Arthur Eze is under pressure in Malabo, as his influence in Equatorial Guinea continues to fade. Authorities there are now demanding a $10 million bonus from him if he wants a chance to recover his oil blocks in the small but oil-rich nation on Africa’s west coast.

Eze faces pressure over license compliance

This follows a setback for Eze last September, when Equatorial Guinea’s government revoked two exploration licenses operated by Atlas Oranto Petroleum International Limited—the Nigerian independent oil company he leads—citing violations of production sharing agreements.

The latest demand signals that Eze’s long-running way of doing business in the country is wearing thin. Officials have warned that unless Atlas Oranto meets its financial commitments, work programs, and local content rules, it could lose what’s left of its exploration licenses.

Arthur Eze’s oil empire grows stronger

Arthur Eze, who founded Atlas Oranto Petroleum in 1991, built it into one of Nigeria’s largest privately held oil and gas company, with an impressive footprint across Africa.

Today, Atlas Oranto operates in 22 countries, including Equatorial Guinea, Senegal, South Sudan, São Tomé and Príncipe, Uganda, and Zambia.

Despite the troubles in Equatorial Guinea, Eze has continued to push forward elsewhere. In December 2023, Atlas Oranto secured a two-year extension for its exploration licenses in Uganda’s Ngassa Deep and Ngassa Shallow areas.

Under the new terms, the company must drill at least one exploration well and one appraisal well, depending on the results of the first. The Ngassa block, located in Uganda’s Hoima District within the Albertine Graben, remains a key part of the company’s African portfolio.

Eze pushes Atlas Oranto global expansion

Eze has also been looking beyond Africa. In August 2024, Atlas Oranto signed a major oil prospecting agreement in Venezuela, a bold move to expand the company’s global reach.

By tapping into Venezuela’s massive oil reserves, Eze is betting on new opportunities in a country that still holds one of the largest proven oil reserves in the world.  

This step not only strengthens Atlas Oranto’s global position but also reflects a broader trend of African energy companies taking bigger roles on the international stage.