{"id":15567,"date":"2026-02-10T17:17:22","date_gmt":"2026-02-10T17:17:22","guid":{"rendered":"https:\/\/nigeriastandardnewspaper.com\/a\/?p=15567"},"modified":"2026-02-10T17:17:22","modified_gmt":"2026-02-10T17:17:22","slug":"arthur-eze-nigerias-billionaire-under-united-states-federal-investigation-equatorial-guinea-cancels-offshore-block-senegal-venezuela-revoke-oil-licences-over-massive-unpaid-debt","status":"publish","type":"post","link":"https:\/\/nigeriastandardnewspaper.com\/a\/arthur-eze-nigerias-billionaire-under-united-states-federal-investigation-equatorial-guinea-cancels-offshore-block-senegal-venezuela-revoke-oil-licences-over-massive-unpaid-debt\/","title":{"rendered":"ARTHUR EZE, Nigeria\u2019s Billionaire under United States Federal Investigation, Equatorial Guinea cancels Offshore Block, Senegal, Venezuela Revoke Oil licences over massive unpaid debt"},"content":{"rendered":"

\u2026deceitfully avert scrutiny of audit by delaying payment as at when due, loses majority shareholder\u2019s position<\/em><\/strong><\/span><\/p>\n

\u00a0<\/strong>*Atlas Oranto Petroleum faces regulatory and financial challenges in Equatorial Guinea, Senegal, and Venezuela affecting key energy projects<\/strong><\/span><\/p>\n

*In Equatorial Guinea, ownership changes in a major gas block enabled project advancements under new Chevron management<\/strong><\/span><\/p>\n

*Senegal bars indefinitely a longstanding exploration license due to compliance and performance issues, emphasizing stricter adherence to regulations<\/strong><\/span><\/p>\n

*In Venezuela, policy changes and U.S latest sanctions lead to uncertainty for Atlas Oranto’s projects<\/strong><\/span><\/p>\n

*U.S. Energy Secretary, Chris Wright to visit Venezuela shortly to discuss the future leadership of oil company PDVSA<\/strong><\/span><\/p>\n

*BY TEKEMA RAPHAEL\/ANTI-GRAFT & BUSINESS STAFF WRITER, PARIS, Naija Standard Newspaper Inc USA<\/em><\/strong><\/span><\/p>\n

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FAMOUSLY celebrated Nigerian billionaire, Chief Executive Officer, CEO, Atlas Oranto Petroleum, Arthur Eze is in hot soup, and under fire, as his once-profiting oil businesses are facing a huge backlash, unpaid debt outside the shores of Nigeria. And this oil magnate is now under the United States federal investigation. <\/strong><\/span><\/p>\n

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Data sighted by our correspondent showed that Atlas Oranto Petroleum is facing setbacks in key energy jurisdictions, including Equatorial Guinea, Senegal and Venezuela, as governments and operators tighten oversight of strategic projects and licences.<\/strong><\/span><\/p>\n

Atlas Petroleum, linked to Nigerian oil magnate Arthur Eze, has lost its stake in a strategically important offshore gas licence in Equatorial Guinea following a dispute with operator Chevron.<\/strong><\/span><\/p>\n

Per Africa Intelligence, Atlas previously held a 27% interest in Block I, which includes the Aseng field and is central to Equatorial Guinea\u2019s gas export system.<\/strong><\/span><\/p>\n

The stake has now been transferred to state oil company GEPetrol, which already owned 5%, following allegations that Atlas delayed payments linked to licence costs.<\/strong><\/span><\/p>\n

Meanwhile, Chevron had spent months trying to disengage from its Nigerian partner, arguing the company failed to meet financial obligations.<\/strong><\/span><\/p>\n

Consequently, the ownership change removes a major obstacle to the long-delayed Aseng Gas Monetisation Project, expected to require several billion dollars in investment.<\/strong><\/span><\/p>\n

Under the revised structure, GEPetrol\u2019s enlarged stake will be carried by Chevron during development, with costs recoverable from future production, allowing the project to proceed without immediate strain on state finances.<\/strong><\/span><\/p>\n

*State Deepens Role in Gas Expansion:<\/strong><\/span><\/p>\n

Prior to the latest development, OilPrice.com reported that Equatorial Guinea signed a Heads of Agreement with Chevron to raise GEPetrol\u2019s stake in the Aseng project to 32.55%, up from its previous 5%.<\/strong><\/span><\/p>\n

At the time, Atlas Oranto had already been sidelined from the project.<\/strong><\/span><\/p>\n

The move reinforced the government\u2019s push to consolidate control over gas development under its Extended Gas Mega Hub strategy.<\/strong><\/span><\/p>\n

The agreement was signed in the presence of senior government officials, Chevron executives, and the U.S. ambassador, following negotiations initiated after Equatorial Guinea\u2019s vice president visited Washington in 2025.<\/strong><\/span><\/p>\n

*Senegal Revokes Long-Stalled Licence:<\/strong><\/span><\/p>\n

Atlas Oranto\u2019s difficulties have also extended to Senegal, where the government revoked the Cayar Offshore Shallow exploration licence held by the company.<\/strong><\/span><\/p>\n

Authorities said the privately held oil and gas company failed to provide the required bank guarantees and carried out only limited exploration work since the block was awarded in 2008, despite multiple extensions.<\/strong><\/span><\/p>\n

\"\"<\/p>\n

*Venezuela Exposure Adds to Pressure:<\/strong><\/span><\/p>\n

Beyond Africa, Atlas Oranto faces mounting uncertainty in Venezuela, where the group had pursued offshore gas opportunities through its subsidiary Veneoranto Petroleum.<\/strong><\/span><\/p>\n

\u00a0<\/strong>In August 2024, Veneoranto signed agreements with state oil company Petr\u00f3leos de Venezuela, S.A. (PDVSA) to conduct technical and economic studies for the Barracuda and Boca de Serpiente offshore gas fields, positioning the Nigerian-linked firm within Venezuela\u2019s heavily sanctioned energy sector.<\/strong><\/span><\/p>\n

However, the operating environment has shifted following changes in U.S. policy toward Venezuelan oil.<\/strong><\/span><\/p>\n

On January 29, 2026, the U.S. Treasury\u2019s Office of Foreign Assets Control issued General License 46, authorising certain transactions involving Venezuelan-origin oil by established U.S. entities under strict conditions.<\/strong><\/span><\/p>\n

The new licensing regime, combined with hydrocarbons legislation passed by Venezuela\u2019s interim authorities, is intended to accelerate privatisation of the energy sector and favour Western-aligned investment over contracts signed during the Maduro era.<\/strong><\/span><\/p>\n

Agreements linked to the former government, including those involving Atlas Oranto, now face potential renegotiation or cancellation as Washington seeks greater oversight of oil revenues and payment flow.<\/strong><\/span><\/p>\n

For the records, U.S. Energy Secretary Chris Wright plans to visit Venezuela soon to \u201cstart the dialogue\u201d with officials on the future leadership of Venezuelan oil company PDVSA, Politico reported on Monday.<\/strong><\/span><\/p>\n

Wright, who plans to visit some of the nation\u2019s oilfields, told Politico: \u201cPDVSA was a highly professional, technically competent oil and gas company 30 years ago, and it hasn\u2019t been one for quite some time.\u201d<\/strong><\/span><\/p>\n

He intended to improve the management of the state-run oil company which has emerged as an obstacle in the Trump administration\u2019s efforts to push international oil companies to invest in the country, the report said.<\/strong><\/span><\/p>\n

In December, due to quality issues with the oil and U.S. sanctions, state oil company PDVSA had been forced to slash prices, with the discount to Brent benchmark crude about double year-ago levels.<\/strong><\/span><\/p>\n

He planned to meet with acting President Delcy Rodr\u00edguez during his time there and expected the country to hold democratic elections in the next 18 to 24 months, Politico said.<\/strong><\/span><\/p>\n

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