The Nigerian billionaire managed to extract an undertaking from the head of state that his oil blocks would not be taken away despite a lack of significant investment in them. The founder and chairman of Oranto Petroleum, the Nigerian Arthur Eze, travelled to Malabo in the summer, in total secrecy, to meet the president of Equatorial Guinea, Teodoro Obiang Nguema. The encounter was organised by the Equatoguinean oil minister, Gabriel Obiang Lima, and one of his directors, Oscar Garcia Berniko. Eze, who was accompanied by his vice-president for exploration, Francis Inniss, pleaded with his interlocutor for a certain indulgence regarding the delays in developing his blocks in the country. Eze spoke at length about Block P, operated since 2012 by his US partner, Vaalco.
A discovery – Venus – was made there in 2005 by Devon Energy. Oil ministry officials do not believe Vaalco is willing to invest in this field and Eze, aware of the stakes and the possible loss of the contract, tried to obtain a delay. On Venus, the two companies have signed a 25-year production contract with the Equatoguinean authorities.
