Nigerian independent Oranto Petroleum has signed an exploration and production sharing agreement (EPSA) for Block B-3 in South Sudan in which it will take on a 90% stake as technical operator alongside a 10% carry for state-owned Nile Petroleum (NilePet).
Represented by Equatorial Guinea-based Centurion Law Group, a pan-African legal consultant, Oranto has committed to spend $500 million to explore and develop the acreage, located to the north-west of the Muglad basin, with estimated oil in place of about 3 billion barrels.
