Senegal has withdrawn an offshore oil exploration license previously held by Atlas Oranto Petroleum, a company founded by Nigerian billionaire Arthur Eze. The decision shows the West African country’s tougher approach to managing its oil and gas sector, especially licenses that show little or no activity. Authorities say the move is aimed at ensuring that petroleum assets are actively developed, not held without progress.

According to reports, the revoked asset is the Cayar Offshore Shallow block, awarded to Atlas Oranto in 2008. Senegalese regulators said the company failed to meet important financial and operational conditions tied to the license. These include providing required bank guarantees and carrying out meaningful exploration work, despite receiving several extensions over the years.

The block, located north of Dakar and covering about 3,600 square kilometres, is believed to have oil potential. However, while some seismic studies were carried out, no drilling ever took place. In September 2025, the Ministry of Energy and Petroleum, under Minister Birame Souleye Diop, officially ended the agreement, citing long-standing non-compliance with contractual terms.

Senegal has now taken back control of the oil block as part of President Bassirou Diomaye Faye’s wider reforms in the energy sector. The move follows a growing trend across Africa, where governments are reviewing old oil licenses to ensure real investment and development. Atlas Oranto, which recently secured new offshore oil deals in Liberia, has not yet publicly responded to Senegal’s decision.