Oranto of the multimillionaire Arthur Eze sells 75% of the capital of São Tomé…

Brazilian state oil giant Petrobras is expanding its presence in West Africa, acquiring a 75% operating stake in Block 3 off São Tomé e Príncipe from Arthur Eze’s Oranto Petroleum.

The deal, announced on April 17, will see Petrobras take over management of the block from Oranto, which currently holds 90%. The National Petroleum Agency of São Tomé and Príncipe maintains its 10% share. Once completed, Petrobras will hold 75%, Oranto 15% and ANP-STP 10%, subject to regulatory approvals, Billionaires Africa reported.

The agreement is in line with Petrobras’ 2026-2030 strategy to diversify its portfolio and replenish reserves through frontier exploration. It also marks another step in the company’s renewed push into Africa after scaling back international operations in the early 2010s following the fallout from Operation Car Wash.

Since returning to the continent in 2024, Petrobras has built a growing portfolio in the Gulf of Guinea and southern Africa, including stakes in several offshore blocks in São Tomé and Príncipe, Namibia and South Africa. The region is attractive due to geological similarities to Brazil’s pre-salt basins, which fostered the domestic oil boom.

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Petrobras has earmarked about $1.3 billion for international exploration over five years. With proven reserves of 11.4 billion barrels of oil equivalent and production of about 3 million barrels per day, the company is looking for discoveries to offset the expected decline due to aging fields after 2030.

For Oranto the operation reflects a family strategy. Founded by Arthur Eze, the company has built a pan-African exploration portfolio by securing early-stage licenses and partnering with larger operators to develop them.

Meanwhile, Business Insider Africa previously reported that Oranto Petroleum faced growing challenges in major jurisdictions, particularly Senegal and Equatorial Guinea, as governments and operators tightened oversight of oil licenses and strategic projects.

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In Senegal, authorities revoked one of the company’s offshore exploration licenses after citing failure to meet financial guarantees and limited exploration activity for several years.

In Equatorial Guinea, an Atlas Oranto affiliate lost its stake in a major offshore block following a dispute with operator Chevron over financing obligations, underscoring the risks faced by minority partners in capital-intensive projects.

Credit: https://africa.businessinsider.com/local/markets/multi-millionaire-arthur-ezes-oranto-sells-75-stake-in-sao-tome-block-3-to-brazils/v28fwhb

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