The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Thursday joined the Authority Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr. Saidu Mohammed, on an inspection visit to the Waltersmith modular refinery in Ohaji-Egbema, Imo State.
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The visit was aimed at assessing the newly completed expansion of the refinery’s capacity from 5,000 barrels per day (bpd) to 10,000 bpd.
NCDMB had earlier invested equity in the Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018, helping to catalyse the project, which led to the commissioning of the plant’s first phase in November 2020.
The Board also participated in the latest expansion, which is now fully completed and operational, producing Automotive Gas Oil (AGO), Household Kerosene (HHK), Heavy Fuel Oil (HFO), and naphtha.
To date, the refinery has supplied over 1.1 billion litres of refined petroleum products to local and regional markets, strengthening energy security in Nigeria and across West Africa, while contributing significantly to the national economy. Most of the products are distributed within the South-East and South-South regions, while HFO is exported to the wider West African sub-region.
The Director of Legal Services at NCDMB, Dr. Naboth Onyesoh, represented the Executive Secretary and conveyed the Board’s satisfaction with the refinery’s performance. He described Waltersmith as a model for local content implementation, particularly in job creation, capital retention, industrialisation, import substitution, and value addition in the oil and gas sector.
Speaking during the visit, Mr. Abdulrazak Isa, Chairman of Waltersmith Petroman, said the inspection was organised to showcase the upgraded facility to the new leadership of NMDPRA and its partner, NCDMB, as well as to unveil the company’s next phase of development.
He noted that the company has grown from operating a single oil field at inception three decades ago to managing multiple assets, including stakes in Renaissance Africa Energy Ltd, which acquired the assets of the Shell Petroleum Development Company of Nigeria in March 2025.
Isa further announced plans for additional expansion phases, including the construction of a 30,000 bpd condensate refinery and an industrial park designed to host gas-based industries.
He added that the company plans to develop a gas pipeline capable of delivering 100 million standard cubic feet of gas per day, alongside embedded captive power to attract industries to the park.
According to him, efforts are underway to finalise partnership agreements for the condensate refinery by the fourth quarter of 2026. Feedstock for the integrated expansion projects will be sourced from the Ibigwe and Assa fields, as well as nearby assets.
The Chairman reaffirmed the company’s commitment to investing in the petrochemical sector, leveraging its access to gas and naphtha, and described the sector as a critical driver of economic growth. He also sought regulatory approvals from NMDPRA for the upcoming development phases.
In his remarks, the Authority Chief Executive expressed satisfaction with the refinery’s progress and assured the company of the agency’s support for its expansion plans.
He emphasised that the midstream segment of the petroleum industry remains crucial to Nigeria’s economic development, noting that projects like Waltersmith align with the aspirations of successive administrations.
Mohammed described Waltersmith as a major force in the midstream sector and urged the company to accelerate the development of its planned condensate refinery. He also commended NCDMB for its partnership, describing the project as a remarkable success.
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