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- Plans for condensate refinery, industrial park
Frank Okon
Waltersmith Petroman Oil Limited has expanded the capacity of its modular refinery in Ibigwe, Ohaji-Egbema area of Imo State from 5,000 to 10,000 barrels per day, as officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Content Development and Monitoring Board inspected the upgraded facility and expressed support for the company’s operations and expansion plans.
The visit, led by the Authority Chief Executive of NMDPRA, Saidu Mohammed, alongside representatives of NCDMB, formed part of regulatory assessment processes ahead of the issuance of a Licence to Operate for the refinery’s second phase. The agencies commended Waltersmith for its compliance with regulatory standards and alignment with the Petroleum Industry Act, noting that the project has become a reference point for local content development in Nigeria’s oil and gas sector.
Executive Secretary of NCDMB, represented by the Board’s Director of Legal Services, Naboth Onyesoh, said the refinery has demonstrated leadership in promoting Nigerian content through direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to the country’s hydrocarbon resources. He added that NCDMB’s equity investment in the project since 2018 helped catalyse its development, leading to the commissioning of the first phase in November 2020 and the successful completion of the current expansion.
The Waltersmith refinery produces automotive gas oil (diesel), household kerosene, heavy fuel oil and naphtha, and with the new phase is set to add premium motor spirit and aviation turbine kerosene to its product slate. The company disclosed that it has supplied over 1.1 billion litres of refined products to local and regional markets, with most distribution concentrated in Nigeria’s South-East and South-South regions, while heavy fuel oil is exported within the West African sub-region.
Chairman of Waltersmith, Abdulrazaq Isa, said the inspection visit was organised to showcase the completed expansion to the new leadership of NMDPRA and reaffirm the company’s commitment to regulatory compliance and national energy objectives. He said Waltersmith has grown from operating a single oil field three decades ago to holding interests in multiple assets, including a stake in Renaissance Africa Energy Limited, which acquired the assets of Shell Petroleum Development Company of Nigeria in March 2025.
Isa disclosed that the company is planning additional phases of expansion, including the development of a 30,000 barrels per day condensate refinery and an industrial park designed to host gas-based industries. He said the proposed park will be supported by a gas pipeline capable of delivering 100 million standard cubic feet per day, alongside embedded captive power to attract manufacturing and petrochemical firms.
He noted that feedstock for the integrated expansion projects will be sourced from the Ibigwe and Assa fields as well as nearby assets, adding that Waltersmith aims to conclude partnership agreements for the condensate refinery by the fourth quarter of 2026. He emphasised that the company is positioning itself to invest more deeply in the petrochemical sector by leveraging access to gas and naphtha, which he described as critical inputs for industrial growth.
Saidu Mohammed, in his remarks, described the refinery’s success as a demonstration of Nigerian capacity to drive development in the midstream sector, which he said remains central to the country’s economic progress. He assured the company of the regulator’s support and urged it to accelerate work on the proposed condensate refinery, describing Waltersmith as a major and expanding player in the segment.
He also commended NCDMB for its partnership with Waltersmith, noting that the collaboration has delivered tangible results in building domestic refining capability. According to him, projects of this nature align with national aspirations to reduce reliance on imported petroleum products and strengthen energy security.
The Waltersmith project is backed by a mix of private and institutional financing, including support from the Africa Finance Corporation and the Bank of Industry, reflecting a growing model of blended funding for large-scale energy infrastructure. The company’s broader development plan includes the proposed Waltersmith Industrial and Innovation Park, envisioned as a free trade zone anchored on gas-to-power infrastructure to support Nigeria’s industrialisation drive and long-term economic growth.
The inspection concluded with a review of the facility’s control systems and processing units, with regulators expressing confidence in its readiness to play a larger role in Nigeria’s domestic refining landscape.
