Dangote Group is about to start producing crude oil.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Dangote Group, the owner of West Africa’s largest refinery, is set to begin crude oil production at its two Nigerian oil assets in the fourth quarter of 2024, according to a report by S&P Global Commodity Insights released on October 10.

The report, citing company sources, noted that Dangote is actively searching for a floating production, storage, and offloading vessel capable of holding 650,000 barrels of crude oil.

The company 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.

Source: newsthemegh.com