In a recent development, Oranto Petroleum Ltd (OPL), owned by Prince Arthur Eze and his royal family from the Kingdom of Dunukofia, has successfully obtained a two-year extension on its oil exploration license in Uganda. This extension, granted by the Ugandan government, is viewed as compensation for the time lost during the challenges posed by the COVID-19 pandemic.

The announcement of the extension permit came through an official email statement, as confirmed by Solomon Muyita, the spokesperson for the Uganda Energy Ministry. The government of Uganda emphasized that this extension aligns with its strategy to enhance recoverable oil, which currently stands at 1.4 billion barrels.

As part of the terms of the extension, the production sharing agreement, royalties, cost of recovery, and profit sharing have been outlined, contributing to the broader framework of the collaboration between Oranto Petroleum Ltd and the Ugandan government.

Prince Arthur Eze’s company originally secured the license for the Ngassa Deep and Ngassa Shallow contract areas in 2017, with the initial expiration date set for December 20, 2023.

During the extension signing ceremony, Ruth Nankabirwa, Uganda’s energy minister, conveyed her expectations for Oranto Petroleum Ltd to maximize the additional time and ensure a successful outcome. She stressed the significance of the extension, highlighting its potential contribution to increasing Uganda’s oil volumes.

Uganda, presently holding a reserve of six billion barrels of oil, anticipates leveraging this extension to enhance its oil production capabilities. Of the total reserves, 1.4 billion barrels are considered retrievable, making this collaboration with Oranto Petroleum Ltd a crucial aspect of Uganda’s oil sector strategy.

Abdul Byakagaba, the general manager of OPL, expressed the company’s commitment to completing the scheduled work program within the specified two-year period. This commitment aligns with their dedication to advancing Uganda’s oil exploration and production objectives.

In conclusion, the extension of Oranto Petroleum Ltd’s exploration license marks a significant development in the collaboration between the Nigerian oil company and the Ugandan government. This extension not only serves as compensation for pandemic-induced delays but also positions Oranto Petroleum Ltd as a key player in Uganda’s efforts to optimize its oil production capabilities. The next two years will be crucial in determining the success of this collaboration and its impact on Uganda’s oil industry.

https://thisweekng.com/arthur-eze-to-become-richer-after-securing-oil-deal-in-uganda-details-emerge/

Arthur Eze na ukpo!!!

Odogwu Nwoke!

Mod, bring this good news to front page. Let celebrate our son for his achievements.