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Nigerian firm Oranto granted oil exploration and production license
Nigerian firm Oranto Petroleum Limited was today granted a Production and Sharing Agreement by a government in a move that will allow the company to explore the Ngassa Contract areas in South Western Uganda.

Nigerian firm Oranto Petroleum Limited was today granted a Production and Sharing Agreement by a government in a move that will allow the company to explore the Ngassa Contract areas in South Western Uganda.

Energy Minister Irene Muloni said that the 1st African firm to venture into the country’s vast oil exploration and anticipated production business met the environmental and investment requirements.  Oranto has also advanced the statutory $7.8M (28 B) into the Petroleum Fund.

Arthur Eze, the Chairman of Oranto Petroleum Limited, said the company will spend at least $15M (54B) over the midterm before deploying over $2 Billion dollars (7.2 Trillion) in commercial production.