Atlas Petroleum, linked to Nigerian oil magnate Arthur Eze, has lost its stake in a strategically important offshore gas licence in Equatorial Guinea following a dispute with operator Chevron.
Per Africa Intelligence, Atlas previously held a 27% interest in Block I, which includes the Aseng field and is central to Equatorial Guinea’s gas export system.
The stake has now been transferred to state oil company GEPetrol, which already owned 5%, following allegations that Atlas delayed payments linked to licence costs.
Meanwhile, Chevron had spent months trying to disengage from its Nigerian partner, arguing the company failed to meet financial obligations.
Consequently, the ownership change removes a major obstacle to the long-delayed Aseng Gas Monetisation Project, expected to require several billion dollars in investment.
Under the revised structure, GEPetrol’s enlarged stake will be carried by Chevron during development, with costs recoverable from future production, allowing the project to proceed without immediate strain on state finances.
State Deepens Role in Gas Expansion
Prior to the latest development, OilPrice.com reported that Equatorial Guinea signed a Heads of Agreement with Chevron to raise GEPetrol’s stake in the Aseng project to 32.55%, up from its previous 5%.
At the time, Atlas Oranto had already been sidelined from the project.
The move reinforced the government’s push to consolidate control over gas development under its Extended Gas Mega Hub strategy.
The agreement was signed in the presence of senior government officials, Chevron executives, and the U.S. ambassador, following negotiations initiated after Equatorial Guinea’s vice president visited Washington in 2025.
Senegal Revokes Long-Stalled Licence
Authorities said the privately held oil and gas company failed to provide the required bank guarantees and carried out only limited exploration work since the block was awarded in 2008, despite multiple extensions.
Venezuela Exposure Adds to Pressure
Beyond Africa, Atlas Oranto faces mounting uncertainty in Venezuela, where the group had pursued offshore gas opportunities through its subsidiary Veneoranto Petroleum.
In August 2024, Veneoranto signed agreements with state oil company Petróleos de Venezuela, S.A. (PDVSA) to conduct technical and economic studies for the Barracuda and Boca de Serpiente offshore gas fields, positioning the Nigerian-linked firm within Venezuela’s heavily sanctioned energy sector.
However, the operating environment has shifted following changes in U.S. policy toward Venezuelan oil.
On January 29, 2026, the U.S. Treasury’s Office of Foreign Assets Control issued General License 46, authorising certain transactions involving Venezuelan-origin oil by established U.S. entities under strict conditions.
The new licensing regime, combined with hydrocarbons legislation passed by Venezuela’s interim authorities, is intended to accelerate privatisation of the energy sector and favour Western-aligned investment over contracts signed during the Maduro era.
Agreements linked to the former government, including those involving Atlas Oranto, now face potential renegotiation or cancellation as Washington seeks greater oversight of oil revenues and payment flow.
