Dangote's WAEP Targets 1.6bn Barrels, Plans December Drilling

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, present a significant resource opportunity, with an estimated 1.9 trillion cubic feet of gas based on current discoveries. The company has adopted a phased development strategy that prioritizes quick production gains and cash generation, with plans to reinvest proceeds into broader field redevelopment.

WAEP has entered the execution phase of its development program, having signed contracts for three jack-up rigs, with drilling scheduled to begin in December. This drilling campaign aims to enhance production and unlock additional asset value, while six field development plan studies are underway to support developments across the OML 71 and OML 72 portfolio.

Ajayi emphasized the importance of maintaining production growth over time.