WAEP Targets 1.6 Billion Barrel Oil Surge Within Two Years
West Africa Exploration and Production Company (WAEP), an upstream subsidiary of the Dangote Group, is targeting a significant production surge over the next 24 months. According to WAEP's Managing Director and CEO, Olajumoke Cecilia Ajayi, the company aims to unlock more than 1.6 billion barrels of oil in place across its Nigerian assets.
Ajayi said that WAEP has adopted a phased strategy to revive production from its brownfield assets, generate early cash flow, and reinvest it in wider field redevelopment. The company is focusing on Oil Mining Leases 71 and 72, previously operated by Shell, which represent a substantial resource opportunity.
WAEP has signed contracts for three jack-up rigs, with drilling expected to begin in December, as part of its efforts to increase production and unlock additional value from the OML 71 and OML 72 portfolio. The company is also working towards establishing a dedicated terminal to support crude evacuation as production increases.
Ajayi emphasized that WAEP's strategy involves transforming asset ownership into sustained production and value creation, which requires technical expertise, capital deployment, operational discipline, and the ability to sustain production. She noted that the company has been deliberate about strengthening its technical and organisational capabilities as it prepares for the next phase of development.