Oranto Petroleum will invest US$500 million to develop South Sudan’s Block B3, launching a comprehensive exploration campaign starting immediately
The Ministry of Petroleum and Oranto Petroleum Company, South Sudan signed the exploration and production sharing agreement for the block on 6 March in Juba.
The South Sudanese Block B3 area covers 25,150 sqkm. The B3 block is highly prospective, with productive parts of the Muglad Basin to the northwest and estimated reserves in place of more than 3bn barrels of oil. The block is categorized as low risk, high reward. Under the EPSA, Oranto will be the technical operator and 90 per cent shareholder of the block, with Nilepet holding a 10 per cent stake.
“We believe the petroleum resources of Block B3 are vast. To reach our target of more than double current oil production, we need committed new entrants like Oranto,” said Minister of Petroleum Ezekiel Lol Gatkuoth. “The government is working hard to reinvigorate the petroleum industry in South Sudan by creating an enabling environment for International oil and gas companies to invest and operate. It is up to the oil companies to come in, explore and produce.”
“It’s an honor to formalize our entry into South Sudan with this EPSA,” said Prince Arthur Eze, Founder and Chairman of Oranto Petroleum. “Our company is at the vanguard of African firms exploring and developing African assets. This is the beginning of a long-term collaboration with Nilepet, the people of South Sudan and our partners to bring to light the immense potential of Block B3. Oranto is committed to an aggressive exploration work program that will benefit all stakeholders.”