By Modupe Gbadeyanka

The operating licence granted to Nigeria-based Oranto Petroleum for OPL 293 oil and gas block has been renewed by federal government.

This information was revealed by the firm in a statement issued this week and obtained by Business Post.

With this development, Oranto Petroleum now has additional time to find partners to explore and develop the high potential block.

It was gathered the extension was granted by the Ministry of Petroleum Resources on October 9, 2018 with the renewal pending since 2012. The block was initially granted to Oranto Petroleum in 2007.

OPL 293 is adjacent to Statoil’s OPL 293, which contains the Nnwa gas discovery, the Sehki oilfield and the Bilah gas/condensate field. The block, at water depths ranging from 200m to 1,000m, has three identified prospects from 3D seismic data that covers the lower half of the block.

Mid-case reserves place the potential at 1.08 trillion cubic feet of gas and 183 million barrels of oil. To the east, the Nnwa formation extends into Shell’s OML 219.

“We are pleased that the government of Nigeria has renewed our license for OPL 293, given the area’s still huge potential for oil and gas exploration. We are in a great position to further activities in OPL 293.

“Our commitment to a fast track development is strong and we will accelerate development with all deliberate speed,” Prince Arthur Eze, chairman of Oranto Petroleum, said in the statement.

Buhari hates Igbos but renews their licences.

Perhaps Arthur Eze is an APC chieftain.