Dangote's WAEP Targets 1.6 Billion Barrels in Nigeria

West Africa Exploration and Production Company (WAEP), the upstream subsidiary of the Dangote Group, has outlined plans to unlock over 1.6 billion barrels of oil in place across its Nigerian assets.

The company aims to increase production over the next 24 months through a phased strategy that includes advancing gas monetisation and reviving output from brownfield assets.

According to WAEP's Managing Director and Chief Executive Officer, Olajumoke Cecilia Ajayi, the company's Oil Mining Leases (OMLs) 71 and 72, previously operated by Shell, represent a major resource opportunity.

Ajayi stated that the assets contain more than 1.6 billion barrels of oil in place and about 1.9 trillion cubic feet of gas, based on discoveries to date.