About Us
West African Exploration and Production Company Limited is a Limited Liability Company incorporated under the laws of the Federal Republic of Nigeria on 25th February, 2014.
Company Overview
WAEP is a registered company with the Corporate Affairs Commission of Nigeria, with RC No: 1173358. We have a strategic partnership/alliance with Dangote Exploration Assets Limited (80%), Dansa Energy Resources Limited (5%) and First Exploration and Petroleum Development Company Limited (15%).
In 2015, WAEP acquired a 45% working interest in OML 71 and OML 72 from the SPDC JV (Shell Petroleum and Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited). The company is the operator of OML 71 and OML 72 on behalf of the WAEP-NNPC JV. These blocks are located south of the Bonny Island. There are 7 major discovered fields in OML 72 namely – Kalaekule, KD, Koronama, Kugbe, KL, KQ, Kappa, while OML 71 has 2 main fields called KI and KI south.
Of all the fields, only Kalaekule has been developed and produced. The field was in production between 1986 and 2002 with average production of c.22,000 bbl/d and was shut-in by the SPDC JV in 2002 to allow for a planned refurbishment of the field facilities.
The estimated HCIIP volume in OML 72 is 1,149MMstb of oil and 2.447Tcf of Gas whilst OML 71 is estimated to have 158MMstb of oil and 1.4Tcf of gas thus presenting an opportunity for significant oil and gas development.
Our Core Values
At WAEP we share a set of core values that define who we are and how we conduct our business:
- Safety
- Professionalism
- Integrity
- Respect
- Innovation
- Teamwork
- Diversity
What drives us
Our Mission is to deliver sustainable operational excellence while growing the resource base with highly diverse and motivated staff.
Our Vision is to be the most efficient, innovative and independent Exploration and Production Company creating value for all stakeholders.
Rotimi Adefarasin
Managing Director
He obtained a Bachelor of Science degree with First Class honours in Mechanical Engineering at the University of Lagos. He has over 30 years post-graduation experience, out of which 25 years have been spent within the mid-stream and upstream sectors of the Oil & Gas industry. While working for Shell subsidiary in Nigeria (SPDC JV), he held key roles and carried out several short assignments in different countries including Egypt, Ghana, Togo, Gabon, Cameroon, Sultanate of Oman, Netherlands, USA and the UK. Prior to taking up the role of Managing Director in West African Exploration & Production Company Limited (WAEP), he was the General Manager, Non-Operating Ventures and Corporate Planning in FIRST Exploration & Petroleum Development Company (FIRST E&P), with responsibilities for value creation from the following assets: OML-71, OML-72 and OML-34 and driving business performance as detailed in the annual 5-year Business Plan. One of his major achievements as an E & P professional was leading a multi-disciplinary team to successfully bid and secure the award of a deep-water block to an independent oil company operating within the West African region. He enjoys mentoring and coaching young E&P professionals towards actualizing their potentials within and outside the industry. His mandate in WAEP is to turn the young company into an enviable independent E&P Company within West Africa through focus on technical and operational excellence. He is married and a functioning member of the Society of Petroleum Engineers.
OPERATIONAL HEAD OFFICE
Waterfront Plaza, 270A Ozumba Mbadiwe Avenue,
2nd Floor, Ecobank Building,
Victoria Island, Lagos, Nigeria.
TELEPHONE
08132469566