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Tuesday, November 7, 2017
Oranto Petroleum launched its exploration program in South Sudan through an agreement with BGP Inc. South Sudan. The deal comes just eight months after Oranto signed its EPSA with the government.
Following a competitive tender process BGP was selected to perform an airborne gravity and magnetic survey of the contract area, Block B3. Oranto signed its EPSA with the Ministry of Petroleum in March 2017, committing $500 million to the development of the acreage. The block is believed to be highly prospective, with productive parts of the Muglad Basin to the northwest and estimated reserves in place of more than 3 billion barrels of oil.
“The development of our assigned contract area and fulfillment of our contractual obligations in South Sudan is a priority for Oranto,” said Prince Arthur Eze, Founder and Executive Chairman of Oranto Petroleum. “The government and the Ministry of Petroleum have been working very hard to create an enabling environment for investors and we are fortunate to benefit from their assistance. South Sudan is a nation with a great future, and we are proud to be a part of that, contributing with a purposeful, well resourced exploration and development campaign.”
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