Exploration & Production
Waltersmith has successfully operated the Ibigwe field with a wholly indigenous technical team ramping up production from an initial 500bopd in 2008 to the current average of 7,000bopd. This has been achieved through fit for purpose well repairs, the deployment of an early production facility (EPF) later upgraded to a 15,000bopd capacity flowstation, successful execution of development drilling and workover campaigns, installation of well enhancement and gas lift optimization, guided by a robust HSE, Risk Management and Community Relations framework.
Waltersmith, has invested significantly towards the development of the Ibigwe field. These investments have paid off through prudent financial management, discipline and a robust risk management structure.
Over the years, the Company has worked with several financial institutions in the financing of various projects and continues to enjoy a very good relationship with these institutions who participated in the successful arrangement of debt financing for field development activities.
In 2012, Waltersmith participated in the NNPC/SHELL/TOTAL/AGIP divestment program as part of the ND Western Consortium that invested in the successful acquisition of a 45% interest in Oil Mining Lease (OML) 34 thereby increasing accruable equity 2P reserves by 61.38MMboe.
The Ibigwe power project is a 300MW combined cycle gas fired power plant that will be complemented by the construction of a 62km transmission pipeline to Owerri. Electricity will subsequently be supplied to TCN through the 330/132/32KV substation located in Owerri. The project, which will be located on a site near Waltersmith’s existing flow station.
It is designed to sell generated power directly to the Nigerian Bulk Electricity Trader (NBET), and to supply power to local manufacturing and construction industries in the region thereby boosting economic activities. The transmission
line and other associated activities of the operations of the power plant have also been planned to eliminate adverse impacts on the environment.
The project will contribute towards bridging the supply gap in the country through the grid and the creation of both direct and indirect jobs, particularly within the host communities. Depending on the performance of the first phase of the power project, Waltersmith plans to expand the capacity of the Power Generating Plant to 1,000MW within 36 months.
Our refinery business is divided into 2 phases.
The phase 1 is the delivery of 5,000 BPD Modular capacity refinery that is strategically located near the existing flow station and will process the circa 7,000 bopd currently produced by the upstream business to the readily available market in the south-eastern part of Nigeria. It is expected to contribute about 271 million litres of refined products including Diesel, Naptha, HFO and Kerosene annually to the domestic market and create both direct and indirect jobs particularly within the host communities. The project is currently under construction and is expected to be commissioned by Qtr. 2, 2020.
The phase 2 is the delivery of 25,000 BPD crude and condensate refinery; an upgrade on the 5,000bpd modular refinery. The project is still at an early stage of development but is designed to produce the following products: gasoline, diesel, LPG, kerosene and aviation fuel.