WAEP Targets First Oil Production in Nigeria Within Two Years

West Africa Exploration and Production Company (WAEP), the upstream arm of the Dangote Group, has announced a target to achieve its first sustained oil production from its Nigerian assets within two years. CEO Olajumoke Cecilia Ajayi revealed this timeline at the AOW Conference in Accra, Ghana.

WAEP holds interests in Oil Mining Leases (OMLs) 71 and 72, which are estimated to contain over 1.6 billion barrels of oil and approximately 1.9 trillion cubic feet of gas. The company plans to restart existing wells to generate early cash flow and fund broader field development.

Contracts for three jack-up rigs have been signed, with drilling set to begin in December. Additionally, six field development plan studies are underway.

WAEP aims to monetize gas reserves for Nigeria's domestic power generation and industrial sectors. A key aspect of WAEP's strategy is to supply crude locally to the Dangote Petroleum Refinery, enhancing Nigeria's oil resource value retention.