WAEP Targets 1.6 Billion Barrels Oil Production Surge

West Africa Exploration and Production Company (WAEP), a subsidiary of the Dangote Group, is targeting the unlocking of more than 1.6 billion barrels of oil in its Nigerian assets over the next 24 months. CEO Olajumoke Cecilia Ajayi announced this initiative at the AOW Energy Conference in Accra, Ghana.

WAEP plans to implement a phased strategy to revive production from its brownfield assets, generate early cash flow, and reinvest in broader field redevelopment. The company’s Oil Mining Leases 71 and 72, previously operated by Shell, are identified as significant resource opportunities, containing over 1.6 billion barrels of oil and approximately 1.9 trillion cubic feet of gas.

Ajayi, who is also the President of the Nigerian Association of Petroleum Explorationists (NAPE), stated that the immediate priority is to extract value from existing production opportunities while laying the groundwork for long-term redevelopment. WAEP has already signed contracts for three jack-up rigs, with drilling set to commence in December.