Waltersmith seeks to invest $2 billion to become integrated energy firm

The Chairman/Chief Executive Officer, Waltersmith Petroman Oil Limited, Abdulrazaq Isa has revealed the oil and gas exploration and production company’s plans in the next ten years.

In a recently-held interview, Isa made known that the company is committed to be transformed into an integrated energy firm.

“Down the line, we plan to build a power plant that will be serviced by the gas we produce. Once you can make power available, you can also energise industries. It is just the sheer size of the opportunity that is making us to position our company properly in the market.” Isa was quoted.

Isa said in the next 10 years the company is planning to increase its oil production capacity to 100,000 barrels per day.

The fund to be injected to projects the investment, according to Isa, is to the tune of $2 billion to cover upstream, refining and petrochemicals and power.

While lamenting that Nigeria almost 100 per cent on imported products, Isa said Waltersmith is seeking to add value to the crude oil its produce. He added that the oil firm’s aspiration which is why its has gone modular is to add and progressively grow capacity.

He said, “We have started with 5,000 barrels a day and we are going to add more modules that will take it to about 25,000 to 30,000 barrels a day. Our strategy is to take crude oil that we produce, that is close to us, put the plants very close to the source of the crude oil, refine it and distribute it within our area of operation.

About Waltersmith

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 a Petroleum Exploration and Production company. In 2001, Waltersmith Petroman Oil Limited became a wholly owned Nigerian company with the divestment of Petroman Oil Limited.

 

Source: Nairametrics

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