Dangote Group, the owner of West Africa’s largest refinery, plans to start crude oil production at its two Nigerian oil properties in the fourth quarter of 2024, according to an S&P Global Commodity Insights report published on October 10.
According to corporate sources, Dangote is actively looking for a floating production, storage, and offloading vessel with a capacity of 650,000 barrels of crude oil.
According to a business source, production at the company’s two Niger Delta upstream operations in Oil Mining Leases 71 and 72 will begin at roughly 20,000 barrels per day before increasing further in the first quarter of 2025.
Dangote Group holds an 85% stake in West African E&P Venture, which has a 45% working interest in the two blocks, while the Nigerian National Petroleum Company (NNPC) holds the remaining 55%. Another key stakeholder in West African E&P is Nigerian upstream company First E&P, which operates Oil Mining Leases (OMLs) 71 and 72.
The licenses for these blocks are located in shallow waters in the southeastern Niger Delta, approximately 22 km from the onshore Bonny terminal. The area contains the Kalaekule and Koronama oilfields.
