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.
Waltersmith has a 3% working interest in OML 34 located in Western Niger Delta and covers an area of some 950km2 onshore Nigeria.
In 2012, Waltersmith participated in the SPDC JV divestment program as part of the ND Western Consortium that invested in the successful acquisition of a 45% interest in OML 34. Waltersmith has an 8.3% in the ND Western consortium.
The producing fields in OML 34 comprise four fields namely: Ughelli East, Ugehlli West, Utorogu with total flow station capacity of 105Mbpd, while the three NAG plants – Utorogu NAG-1, Utorogu NAG-2 and Ughelli-E NAG plants have a total capacity of 600 mmscfd.
OML 34 plays a major role in Nigeria’s gas supply portfolio as it is a major supplier of gas for power generation in the country.
In 2016, an Asset Management Team (AMT) was formed with the main purpose of increasing production, efficiencies and maximizing value from the asset. The AMT comprises of personnel from all the shareholding companies, with ND Western taking the lead.
As a member of the AMT, Waltersmith has further developed its capability in managing large scale complex gas development.