Nigerian billionaire Arthur Eze to become richer after securing oil deal in Uganda, details emerge

Nigeria's Oranto Petroleum Ltd(OPL) has secured an extension on its exploration license for another two years.

This will serve as compensation for the company by the Ugandan government for the time lost during COVID-19.

The oil company, fully owned by Prince Arthur Eze and his royal family from the Kingdom of Dunukofia, will now help the country scale up its oil production.

Atlas Oranto Petroleum International Limited (AOPI) comprises Atlas Petroleum International Limited and Oranto Petroleum International Limited.

The extension permit was announced in an email statement signed by Solomon Muyita, Uganda Energy Ministry spokesman.

The Ugandan government said the extension permit is in line with the drive to boost recoverable oil from current levels of 1.4 billion barrels.

The statement added that the production sharing agreement, royalties, cost of recovery, and profit sharing are part of the terms included in the extension.

Prince Arthur Eze's company first secured the licence to scour the Ngassa Deep and Ngassa Shallow contract areas in 2017, which was due to expire on December 20, 2023.

At the extension signing ceremony, BusinessDay reports that Ruth Nankabirwa, Uganda's energy minister, urged the company to maximise the additional time granted and ensure a successful outcome.

The minister also emphasised the importance of the extension, stating that it will contribute to increasing Uganda's oil volumes.

Presently, Uganda has a reserve of six billion barrels of oil; among these, 1.4 billion barrels are considered retrievable.

In response, Abdul Byakagaba, the general manager of OPL, pledged that the company would complete the scheduled work program within the specified two-year period.