Atlas Oranto Petroleum, partners to invest $350 million in Equatorial Guinea
LONDON -- Following the signing of definitive agreements for the monetization of gas from Equatorial Guinea’s Alen Unit, pan-African oil and gas exploration and production company, Atlas Oranto Petroleum is planning to make a significant investment into the country’s backfill project.
With its partners in Block O and I, Noble Energy, Marathon Oil, Glencore and Guvnor, Atlas Oranto Petroleum is expecting to be investing close to $350 million on pooling supply from stranded gas fields in Equatorial Guinea and the Gulf of Guinea and replace declining output from the Alba field.
The development of the Alen offshore gas hub is the first step towards Equatorial Guinea’s vision to become a gas mega-hub for the subregion by developing several offshore gas hubs to monetize neighboring gas reserves and develop downstream gas industries spurring industrial development and economic growth.
“Our investment into Equatorial Guinea will confirm Atlas Oranto as a strong African gas player,” declared Executive Chairman Prince Arthur Eze. “We firmly believe that gas monetization is not only key for Equatorial Guinea and Nigeria, but for the whole of Africa. Atlas Oranto will continue to invest in gas monetization projects across the continent, including gas-to-power and the curbing of gas flaring.”
Atlas Oranto is thankful to its partners in Equatorial Guinea for working with the government to make the backfill project a reality and urges all parties to move towards its implementation while recognizing the need to boost local and regional content and boosting job creation.
