Nigeria’s Atlas Oranto Petroleum signs exploration deal with Venezuela
Sopuruchi Onwuka
Nigerian independent petroleum company, Altas Oranto Petroleum, has reached an agreement with the Venezuelan government to drive exploration in the Venezuelan the Deltana platform.
The signing of the exploration agreement witnessed said Venezuelan President Nicolás Maduro on August 8, marked to expanding list of Atlas Oranto’s fray into foreign petroleum plays after slow progress in growing its Nigerian asset portfolio from marginal status.
The signing ceremony in Caracas saw the Chairman of Veneoranto Petroleum Limited, Prince Arthur Eze, pen signatures with the Venezuelan Minister of Petroleum and President of PDVSA, Pedro Rafael Tellechea.
Veneoranto Petroleum Limited is the Venezuelan local affiliate of the Nigerian Atlas Oranto Petroleum Limited also chaired by Anambra born Prince Arthur Eze.
Atlas Oranto is involved in the oil exploration deals in around 14 different countries, mostly in new exploration provinces with low records of exploration successes. However, most big plays are busted by roving explorers like Altas Oranto.
President Nicolás Maduro whose presence at the signing ceremony headlined the event declared his pleasure in the presence of Nigerian explorer in the South American country from which major oil multinational companies have pulled out due to operating disputes and tight fiscal conditions.
“I am pleased that the investment process for gas production from the Deltana platform has been accelerated. Very soon we will be exporting gas to Africa,” President Maduro stated.
The offshore prospect called Barracuda in the Gulf of Venezuela is estimated to hold probable 20 trillion cubic feet of natural gas (Tcf) and about 2.0 trillion barrels (bbls) of condensate reserves of, according to official data.
According to studies PDVSA carried out between 2013 and 2014, this prospect could be larger than the Cardón IV field, where the Italian ENI and the Spanish Repsol made an important gas and condensate discovery in 2009.
This partnership between Venezuela and Nigeria marks a major step forward in global energy cooperation, with the potential to reshape the dynamics of gas exports between South America and Africa.
Atlas Oranto Limited already has numerous portfolios of petroleum rights and investments across multiple countries including Equatorial Guinea, Uganda, South Sudan, Ghana, and Sierra Leone, Atlas Oranto is a key player in the global oil and gas sector.
The company holds 22 oil and gas licenses, covering acreage of over 114,000 square kilometers, and its investments are spread across the continent and beyond.
The company’s global operations boast impressive production figures, with significant contributions from its assets in Nigeria and Equatorial Guinea.
Atlas Oranto has been instrumental in producing over 3,000 barrels of oil per day (bopd) from its Nigerian operations alone, while its international ventures contribute substantially to its overall production and revenue streams.
The newly signed agreement with Venezuela focuses on the Barracuda offshore prospect in the Gulf of Venezuela, hold potential to enhance Atlas Oranto’s footprint in South America, adding to its already diverse portfolio.
