News
The Ministry of Petroleum of
Niger to Grant Blocks R5, R6, Dibella and Dallol to Oranto; The blocks are
located in the Agadem Rift Basin; Oranto Petroleum to receive technical data.
Nigeria-based Oranto Petroleum
has signed a Memorandum of Understanding with the Ministry Petroleum of the
Republic of Niger, outlining its intention to sign production sharing contracts
on Blocks R5, R6, Dibella and Dallol in the Tenere and Agadem Basins in Niger.
According to the agreement
signed in September between Prince Arthur Eze, Chairman of Oranto Petroleum,
and H.E. Foumakoye Gado, Minister of Petroleum of Niger, Oranto Petroleum is to
receive all technical data on the blocks. After a satisfactory review of the
technical data, Oranto Petroleum will be granted the blocks under the terms
outlined in the country’s petroleum code and as determined by the Ministry of
Petroleum.
Blocks R5 and R6 border
Savannah Petroleum’s Blocks R1 and R2, which have boasted several discoveries
of oil in recent years. The Agadem Rift Basin, in southeast Niger, was explored
by the China National Petroleum Corporation, which made 97 discoveries from 127
exploration wells throughout the area.
“We greatly look forward to
working with the government of Niger Republic as the country seeks to build its
oil and gas portfolio. As a leading African independent with an expertise in
frontier exploration, we believe the potential of Blocks R5, R6, Dibella and
Dallol has yet to be fully explored, and we are eager to get to work,” said
Eze.
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