October 12, (THEWILL) – Dangote Group, owner of the 650,000 barrels-per-day Dangote Refinery located in Ibeju Lekki, Lagos, is set to begin crude oil production at its two Nigerian oil assets in the fourth quarter of 2024, S&P Global Commodity Insights disclosed in a report on Thursday.
Citing company sources, S&P Global Commodity Insights reported that Dangote is actively searching for a Floating Production, Storage, and Offloading (FPSO) vessel to produce and store crude oil for the enhancement of its refinery operations.
The source said production at the company’s two Niger Delta upstream projects in Oil Mining Leases 71 and 72 would start at around 20,000 b/d, before ramping up 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 licences 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.
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