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 by the Shell Petroleum Development Company (SPDC) Limited on behalf of the Joint Venture of NNPC/SHELL/ELF/NAOC. 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.
Following initial entry, the Company achieved a modest “first oil” of 500 bpd in 2008 and has successfully operated the Ibigwe field with a wholly indigenous team ramping up oil production to a peak of 7,000 boepd and current average of 6,000 boepd.
This has been possible through focus, dedication and hard work, fit for purpose well repairs, the deployment of an early production facility (EPF) later upgraded to a 15,000boepd capacity flowstation, successful execution of development drilling and workover campaigns, installation of well enhancement and gas lift optimization etc., guided by a robust HSE, Risk Management and Community Relations framework.
As at today, cumulative production from Ibigwe field is 14MMbbls, about twice the expected recoverable volumes at signing of the Farmout Agreement back then in 2004.
Vision
To be a leading integrated energy company making a positive impact on society.
Mission
Our Mission Statement is to responsibly develop hydrocarbon and renewable resources for the benefit of humanity.
Core Values
Creativity
We challenge ourselves to think outside the box, embracing innovation and new perspectives to drive meaningful solutions
Integrity
We are committed to the highest ethical standards and operational integrity.
Teamwork
We understand that we go far when we go together. We nurture relationships with our partners and employees.
Excellence
We aim higher and push boundaries, fostering a culture of excellence through high standards, continuous improvement, and accountability in all we do.
Respect
We value our employees, stakeholders, and the environment, fostering a culture of mutual respect, professionalism, and responsibility in the way we work.
Resilience
We adapt, persevere, and thrive through change, working together with agility and a commitment to continuous improvement.
We pride ourselves as an organization of professionals, delivering business outcomes with excellence, integrity, and teamwork. We promote a workplace that enables collaboration, equity, and safety. The Company is guided by policies, processes, and practices through which objectives are set, and actions clearly defined, pursued and monitored until delivery, and lessons learned for continuous improvement.
We are committed to innovation and excellence in all that we do, and the values expressed here represent our ethos as a company and our rich culture.
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