DANGOTE UPSTREAM TARGETS 1.6BN BARRELS

West Africa Exploration and Production Company, the upstream arm of Dangote Group, is targeting more than 1.6 billion barrels of oil from its Nigerian assets as it prepares to increase production over the next 24 months.

The company’s Managing Director and Chief Executive Officer, Olajumoke Cecilia Ajayi, disclosed the plans at the AOW Energy Conference in Accra, Ghana.

She said the company’s Oil Mining Leases 71 and 72, previously operated by Shell, contain more than 1.6 billion barrels of oil in place and about 1.9 trillion cubic feet of gas based on existing discoveries.

WAEP has adopted a phased strategy that will initially focus on projects capable of restoring production quickly and generating cash flow, with the proceeds to be reinvested in broader field redevelopment.

The company has signed contracts for three jack-up rigs, with drilling expected to begin in December. Six field development plan studies are also underway to guide further development of the assets.

Ajayi said WAEP was also exploring the possibility of supplying crude from the fields to the Dangote Petroleum Refinery as production increases.

Beyond oil, the company plans to establish gas monetisation infrastructure within the next two years, alongside a dedicated crude evacuation terminal that could potentially serve other producers.

WAEP said its focus is on achieving steady and sustainable production rather than short-term output increases.