WAEP Contracts Rigs to Unlock 1.6bn Barrels of Oil

West African Exploration and Production Company (WAEP), an upstream oil company majority owned by Aliko Dangote, has contracted three jack-up rigs to initiate a drilling campaign aimed at unlocking over 1.6 billion barrels of oil in place across Oil Mining Leases (OMLs) 71 and 72. Cecilia Ajayi, Managing Director and CEO of WAEP, announced that drilling activities will commence in December, with a focus on increasing production and establishing gas monetization infrastructure within the next 24 months.

The assets were acquired from a Shell joint venture, with WAEP holding a 45 percent working interest since 2015, while the Nigerian National Petroleum Company Limited (NNPC) retains the remaining interest. The blocks are situated in shallow waters, approximately 22 kilometers from the Bonny terminal.

WAEP aims to achieve sustained production growth and develop its own crude evacuation terminal, benefiting from the domestic market due to Dangote's ownership of the largest refinery in Africa.