Equatorial Guinea surges in gas investment with $350m from Atlas Oranto

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Several countries in Africa are surging ahead in oil and gas investments because time seems to be running out on hydrocarbon energy. Nigeria is seen to be stalling since 19 years on its reforms through the Petroleum Industry Bill (PIB) which is said to have denied the country of over $250Bn worth of investment.

Now, Equatorial Guinea is surging on with $350m investment from Atlas Oranto Petroleum.

Details:

Atlas Oranto Petroleum is expecting to be investing close to $350 million on pooling supply from stranded gas fields in Equatorial Guinea and the Gulf of Guinea

 Following the signing of Definitive Agreements for the monetization of gas from Equatorial Guinea’s Alen Unit, pan-African oil and gas exploration and production company, Atlas Oranto Petroleum (https://Atlas-Oranto.com) is planning to make a significant investment into the country’s backfill project.

With its partners in Block O and I, Noble Energy, Marathon Oil, Glencore and Guvnor, Atlas Oranto Petroleum is expecting to be investing close to $350 million on pooling supply from stranded gas fields in Equatorial Guinea and the Gulf of Guinea and replace declining output from the Alba field.

The development of the Alen offshore gas hub is the first step towards Equatorial Guinea’s vision to become a gas mega-hub for the sub-region by developing several offshore gas hubs to monetize neighboring gas reserves and develop downstream gas industries spurring industrial development and economic growth.

“Our investment into Equatorial Guinea will confirm Atlas Oranto as a strong African gas player,” declared Executive Chairman Prince Arthur Eze. “We firmly believe that gas monetization is not only key for Equatorial Guinea and Nigeria, but for the whole of Africa. Atlas Oranto will continue to invest in gas monetization projects across the continent, including gas-to-power and the curbing of gas flaring.”

Atlas Oranto is thankful to its partners in Equatorial Guinea for working with the government to make the backfill project a reality and urges all parties to move towards its implementation while recognizing the need to boost local and regional content and boosting job creation.

Atlas Petroleum International and Oranto Petroleum represent Africa’s largest privately-held, Africa-focused exploration and production group. Our extensive footprint across the African continent includes 22 oil and gas licenses in 11 jurisdictions, including producing assets in Nigeria and Equatorial Guinea and numerous Atlas/Oranto-operated blocks. Operating as sister companies in the West Africa region since 1991, Atlas and Oranto now operate throughout Africa, with regional offices and representatives in all our core investment locations.

(Source: APO Group on behalf of Oranto Petroleum Ltd)

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