Our History

Waltersmith Petroman Oil Limited was incorporated in 1996 as a Joint Venture between Waltersmith & Associates Limited, a Nigerian company and Petroman Oil Limited of Calgary, Canada to operate as an Petroleum Exploration and Production company. In 2001, Waltersmith Petroman Oil Limited became a wholly owned Nigerian company with the divestment of Petroman Oil Limited.

 

In 2003, the Company participated in the Nigerian Marginal Oil field licensing round for indigenous companies and was awarded the Ibigwe field located in Oil Mining Lease (OML) 16 by the Federal Government of Nigeria. OML 16 was originally operated the Shell Petroleum Development Company (SPDC) Limited on behalf of the Joint Venture of NNPC/SHELL/ELF/NAOC.

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The award was secured on a joint interest basis, with Waltersmith holding 70% and Morris Petroleum Limited, 30%. In 2004, the Company executed a farm-out agreement with Shell Petroleum Development Company and its Joint Venture Partners including the Nigerian National Petroleum Corporation (NNPC) and effectively took over operatorship of the asset. The Company has since pursued a very aggressive growth strategy in line with its long-term goals and objectives.

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Our Vision, Mission and Core Values

Our Vision is to be a World Class integrated energy solutions provider.

Our Mission Statement is to responsibly develop hydrocarbon resources for the benefit of humanity.

Our Core Values of Integrity, Excellence, and Respect for People have helped shape all that we do in Waltersmith. Our activities are grounded on best business practices, and strong commitment to social and environmental responsibilities.

Our outlook and growth strategy

Waltersmith has invested a lot of resources in reshaping the Company’s growth strategy which now includes value capture in the Mid-stream, Gas and Power sector of the energy chain. This is an evolutionary progression considering the solution it brings to the target markets. The extensive value capture is anchored on delivery of the following targets by 2026: -

 

⦁ Achieving 100,000 bpd crude oil + condensate production
⦁ Processing 50Mbpd crude oil + condensate refinery
⦁ Processing 500MMscf/d gas primarily as fuel for power
⦁ Installing and supplying 1000Mw of electricity, including renewables

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The overall operating philosophy is such that we will consciously constrain operations to the barest minimum foot print by integrating and concentrating all processing and living within a safe area owned and controlled by Waltersmith.
Although the businesses will be operationally integrated, the plan is that each segment of the chain is economically and fiscally viable for project sanctioning.

We will avoid cross subsidization and value erosion and ensure that integration of the operations only brings additional benefit to the whole.

Notably, in October 2018, Waltersmith performed the ground-breaking ceremony of its 5,000 bopd Modular Refinery and have already commenced work on the development of an additional 25,000 bopd.

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Our Technical Capabilities

In March 2007, in parallel with the initial workover repair job carried out on well-1, Waltersmith deployed an Early Production Facility at Ibigwe field. This enabled attainment of first oil in 2008 and motivation to proceed with the development of the field.

After obtaining the relevant approvals from the Department of Petroleum Resources (DPR), the Company, in 2009 commenced the first phase of its drilling campaign with the objective of appraising and developing the shallow reservoirs in the C and D sands of Ibigwe field. The exercise culminated in the drilling and completion of two (2) appraisal and development wells, and immediately shot up production to 2,200 bopd.

In 2011, also following the approval of the Department of Petroleum Resources (DPR) the Company commenced the second phase of its development programme, executing repairs on Ibigwe wells 1 and 2 and the drilling of three (3) new wells.

The Company upgraded the flow station processing capacity from 4,000 bopd to 15,000 bopd through installation of new Low and High-Pressure Separators, an additional Gas Compressor as well as Oily Water Treater and Expedition Pumps.

The upgraded facility was commissioned in 2012, and has since been up and running, with capacity to take on additional crude oil volumes for processing.

For better imaging and understanding of the subsurface, the Company further embarked on acquisition of Transient Electromagnetic Sounding, as well as extensive Reprocessing of 3D seismic data coverage over Ibigwe Field. This has indeed reduced subsurface uncertainties and allowed the Company to effectively handle the volumetric and future development plans.

On April 9, 2015, Waltersmith commenced another round of 7-well field development program, spudding Ibigwe well-9 which was subsequently completed on July 1, 2015. Following, the Company drilled Ibigwe 10 (a water disposal well), carried out repair work over operations on Ibigwe-4, sidetracked Ibigwe-5 and -7, and concluded with another repair work on Ibigwe 6 side track.

To date, the Company has produced over 7.15million barrels from Ibigwe field while current production averages +/- 7,000 bopd.