Nigerian billionaire Arthur Eze’s Atlas Petroleum has lost its 27% stake in Equatorial Guinea’s Block I, a strategic offshore license, following a payment dispute with Chevron.
The stake has been taken over by Equatorial Guinea’s state oil company, GEPetrol, which now holds 32% of the block. Chevron, the operator of Block I, had accused Atlas of delaying payments for costs due on the license.
The Aseng Gas Monetization Project, valued at several billion dollars, is expected to move forward with GEPetrol’s expanded stake, carried by Chevron.
The project aims to supply gas to the Punta Europa complex and EGLNG facility, crucial for Equatorial Guinea’s gas export system.
This setback highlights the risks faced by privately held firms operating as minority partners in capital-intensive projects, particularly when funding plans don’t materialize.
Eze’s Oranto Group has faced similar challenges in Senegal, where it lost licenses due to unmet operational and financial commitments.
