Dangote Upstream Arm Targets 1.6 Billion Barrels of Oil
The Dangote Group's upstream arm, West Africa Exploration and Production Company (WAEP), is aiming to unlock over 1.6 billion barrels of oil across its Nigerian assets.
According to Olajumoke Cecilia Ajayi, WAEP's Managing Director and Chief Executive Officer, the company has adopted a phased strategy to revive production from its brownfield assets, generate early cash flow, and reinvest the proceeds in wider field redevelopment.
Ajayi stated that the first step is to focus on short-term oil gains, generating cash flow, and putting it back into the assets for redevelopment. Drilling is expected to begin in December with three jack-up rigs, supported by six field development plan studies currently underway.
The drilling campaign aims to ramp up production and bring out the value in the asset. WAEP is also exploring opportunities to supply its crude to Dangote Petroleum Refinery and Petrochemicals as production increases, given their relationship with the refinery.