Dangote's WAEP Targets 1.6 Billion Barrels of Oil

West Africa Exploration and Production Company (WAEP), an upstream subsidiary of the Dangote Group, is targeting to unlock more than 1.6 billion barrels of oil from its Nigerian assets. CEO Olajumoke Cecilia Ajayi announced this initiative at the AOW Energy Conference in Accra, Ghana.

WAEP's Oil Mining Leases 71 and 72, previously operated by Shell, hold significant resources, including approximately 1.9 trillion cubic feet of gas. The company plans to ramp up production and establish gas monetization infrastructure within the next 24 months.

Ajayi detailed a phased strategy focusing on short-term oil gains to generate cash flow for asset redevelopment. WAEP has signed contracts for three jack-up rigs, with drilling set to commence in December.

The company is also exploring crude supply opportunities to the Dangote Petroleum Refinery and Petrochemicals. Additionally, WAEP is working on establishing a dedicated terminal for crude evacuation and enhancing its technical capacity to sustain production from mature assets.