West Africa Exploration and Production Company (WAEP), a Nigerian independent producer, says it plans to substantially raise output and complete gas monetisation infrastructure within two years, part of a broader push to develop over 1.6 billion barrels of oil across its Nigerian assets.
Olajumoke Cecilia Ajayi, WAEP’s Managing Director and CEO, outlined the company’s roadmap during a panel on building African led oil majors at the AOW Energy Conference in Accra, Ghana.
She noted that Dangote Group’s upstream arm, having taken over Oil Mining Leases 71 and 72 from Shell, controls a resource base holding an estimated 1.9 trillion cubic feet of gas in addition to its oil reserves.
Ajayi outlined a phased strategy: secure near term production gains, reinvest the resulting cash flow into wider field redevelopment, then expand from there.
She noted that this work is already underway, citing signed contracts for three jack up rigs, with drilling set to begin in December.
Six field development plan studies are currently underway, which Ajayi said will support a series of follow on projects across the OML 71 and OML 72 assets.
WAEP’s connection to Dangote Petroleum Refinery and Petrochemicals may provide the company with a built in domestic buyer for its crude, given that the refinery is owned by one of WAEP’s own shareholders.
The company is also working toward a dedicated export terminal, which Ajayi indicated could eventually serve other producers beyond WAEP.
Ajayi, who is also President of the Nigerian Association of Petroleum Explorationists, said African operators inheriting mature assets from international oil companies face challenges that extend far beyond simply acquiring the licences.
She emphasized that building strong technical teams and maintaining operational discipline will ultimately determine whether production gains hold steady or prove short lived.
Looking ahead to the next 24 months, Ajayi’s goal is clear: consistent, uninterrupted output combined with fully realized gas monetisation arrangements, avoiding gains that fade as quickly as they emerge.
