Atlas Oranto Petroleum to invest US$350mn in Equatorial Guinea
A pan-African oil and gas exploration and production company, Atlas Oranto Petroleum, is planning to make a significant investment into the country’s backfill project
The move followed the signing of definitive agreements for the monetisation of gas from Equatorial Guinea’s Alen Unit.
With its partners in Block O and I, Noble Energy, Marathon Oil, Glencore and Guvnor, Atlas Oranto Petroleum expects to invest close to US$350mn in pooling supply from stranded gas fields in Equatorial Guinea and the Gulf of Guinea and replace declining Alba field output.
The development of the Alen offshore gas hub is the first step towards the vision of Equatorial Guinea to become a gas mega-hub for the sub-region by developing several offshore gas hubs to monetise neighbouring gas reserves and develop downstream gas industries that stimulate industrial development and economic growth.
Executive Chairman Arthur Eze, said, “Our investment into Equatorial Guinea will confirm Atlas Oranto as a strong African gas player.”
“We firmly believe that gas monetisation is not the only key for Equatorial Guinea and Nigeria, but for the whole of Africa. Atlas Oranto will continue to invest in gas monetisation projects across the continent, including gas-to-power and the curbing of gas flaring,” he added.