Dangote's Oil Production Arm Targets 1.6 Billion Barrels

Aliko Dangote's upstream oil company is set to start drilling in December as part of its plan to develop more than 1.6 billion barrels of oil in two Nigerian blocks it acquired from Shell.

The company, West African Exploration and Production Company (WAEP), has contracted three jack-up rigs for the project, which aims to ramp up production and install gas monetisation infrastructure within 24 months.

According to Olajumoke Cecilia Ajayi, managing director and chief executive of WAEP, the company will focus on generating short-term oil gains to fund itself through a phased approach.