Dangote's upstream oil company, WAEP, has begun work on new oil assets after hiring three jack-up rigs. The move comes as part of a larger expansion plan for the Nigerian businessman's energy interests. The rigs will be used to develop oil fields with an estimated 1.6 billion barrels of reserves.
The investment marks a key step in Dangote's strategy to strengthen his position in Nigeria's oil sector. The project is expected to boost production and contribute to the country's energy output. Details on the timeline for full operations remain under review.
The hiring of the rigs follows recent financial moves by Dangote, including a $3.3 million investment ahead of a planned refinery IPO. These steps highlight his ongoing efforts to expand and modernize his energy portfolio. The developments are part of a broader trend of increased private sector involvement in Nigeria's oil industry.
