West Africa Exploration and Production Company, the upstream subsidiary of Dangote Group, is planning to increase crude oil production from its Nigerian assets, targeting more than 1.6 billion barrels of oil in place.

The company is also working to establish gas monetisation infrastructure within the next 24 months as it advances plans to develop its oil and gas fields.

The Managing Director and Chief Executive Officer of WAEP, Olajumoke Cecilia Ajayi, disclosed this during the AOW Energy Conference in Accra, Ghana.

Ajayi said the company’s Oil Mining Leases 71 and 72, which were previously operated by Shell, hold more than 1.6 billion barrels of oil and approximately 1.9 trillion cubic feet of gas based on existing discoveries.

She explained that WAEP had adopted a phased development strategy, beginning with projects that could quickly increase oil output and generate revenue. The proceeds would then be reinvested into larger redevelopment projects across the fields.

According to her, the company has entered the execution stage of its plans after securing three jack-up rigs for its drilling campaign.

Drilling is expected to begin in December and will focus on increasing production and unlocking more value from the assets.

Ajayi added that six field development plan studies were currently being conducted to support a series of developments across OML 71 and OML 72.

As production grows, WAEP is also considering supplying some of its crude to Dangote Petroleum Refinery and Petrochemicals.

She said the relationship between the upstream company and the refinery could provide a ready domestic market for the crude produced from the assets.

The company is further planning a dedicated terminal for crude evacuation as output increases. Ajayi said the proposed facility could also serve other producers looking to combine and evacuate their crude.

She emphasised the importance of building strong technical and operational teams as African independent oil companies increasingly take over mature assets previously operated by international oil companies.

Ajayi said WAEP’s goal was to achieve steady and sustainable production rather than short-term increases in output.

She added that the company expects gas monetisation to be in place within two years while production from its oil assets continues to grow consistently.