Event Location: 
Eko Convention Centre, Lagos
Event Date: 
23 - 25 February 2022
Part of the Oil, Gas and Energy Series
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Corporate Partner 2021


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 by Shell Petroleum Development Company (SPDC) Limited on behalf of the Joint Venture of NNPC/SHELL/ELF/NAOC.

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 5,500bopd.

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 15,000blpd 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.
Waltersmith has embarked on a journey to build out an integrated energy platform with the recent commissioning of a 5,000bpd modular refinery, one of pioneering projects in expanding Nigeria’s domestic refining capacity and eventual energy independence.