Emmanuel Addeh in Abuja
West African Exploration and Production Company (WAEP), an upstream oil company majority owned by Nigerian businessman, Aliko Dangote, has contracted three jack-up rigs to commence a drilling campaign aimed at unlocking more than 1.6 billion barrels of oil in place across two Nigerian oil blocks.
The company’s Managing Director and Chief Executive Officer, Mrs. Cecilia Ajayi, disclosed that drilling activities on Oil Mining Leases (OMLs) 71 and 72 would begin in December, with WAEP targeting increased production and the installation of gas monetisation infrastructure within the next 24 months.
Ajayi spoke at the Africa Oil Week Energy Conference in Accra, Ghana, where she outlined the company’s plans for the assets acquired from the Shell joint venture, a report by Billionaires Africa website stated. “We will be drilling to ramp up production and also bring out the value in the asset,” she said.
The two assets hold more than 1.6 billion barrels of oil in place, based on discoveries made so far, as well as approximately 1.9 trillion cubic feet of gas.
WAEP acquired a 45 per cent working interest in both OMLs in 2015, while the Nigerian National Petroleum Company Limited (NNPC) holds the balance. The blocks are located in shallow waters, approximately 22 kilometres from the Bonny terminal.
Dangote holds an 85 per cent interest in WAEP through Dangote Exploration Assets Limited and Dansa Energy Resources Limited, while First Exploration and Petroleum Development Company Limited holds the remaining 15 per cent.
Production from the assets resumed in December 2025 after a prolonged shutdown, beginning with approximately 4,500 barrels per day from the Kalaekule field on OML 72.
Ajayi said the company was pursuing a phased redevelopment strategy focused initially on securing quick production gains and generating cash flow for reinvestment in the assets.
“The first thing is to look at the low-hanging fruit, the short-term oil gains, generate cash flow from that, put it back into the assets and start redevelopment. And that’s exactly what is happening currently,” she stated.
She added that six Field Development Plan studies were currently underway to support a series of developments across the portfolio after the drilling programme.
Ajayi also said WAEP expected to benefit from a ready domestic market for its crude, given the ownership of Dangote Petroleum Refinery and Petrochemicals by the same principal shareholder.
“One of the shareholders, one of the partners on this asset, is the owner of the largest refinery in Africa, Dangote Petroleum Refinery and Petrochemicals. So the oil would definitely be needed by the refinery,” she said.
She further disclosed that WAEP was working towards developing its own crude evacuation terminal, which could also provide services to other producers.
Ajayi said the company’s objective over the next two years was to achieve sustained production growth while putting gas monetisation infrastructure in place.
“Between now and the next 24 months, gas monetisation would have been in place. We would have ramped up production consistently,” she added.