Post #466

Senegal Revokes a Dormant Oil License 🛢 Senegal has officially withdrawn the license of Nigerian company Oranto Petroleum for exploration of the offshore Cayar field, citing years of failure to meet its obligations. 🔵The license was issued in 2008, but the company did not drill a single well — effectively the reason it was taken back. 🔵 Notably, the same company in 2025 entered into the oil sector of Liberia with new agreements for four blocks. These deals drew criticism from civil society and politicians who recalled that in Liberia back in 2007—much like in Senegal—the same Oranto got a license at miserable price, waited idle 3 years, and then resold its assets to Chevron at a markup of around 115,000%. 💵Buying assets cheaply from the government and then reselling them, in whole or in parts, to other companies is one of the most common schemes in the oil sector. In Senegal, however, no new buyer willing to play along with such maneuvers showed up before the government finally acted. ➡️ Stay informed - @devilsbelow