Waltersmith Petroman, walking the talk in Downstream Operations!
AN INDIGENOUS OIL AND gas company, Waltersmith Petroman Limited, operating in Ohaji Egbema LGA of IMO state, has proven to be a classical example of the much talked about local direct investors in the Nigeria’s oil and gas industry. This is confirmed by their recently commissioned 5,000 bpd crude oil modular refining facility; as a first stage of their investment programme and plan in the country.
Let the operational capacity of the plant not discourage observers by citing the jumbo sized Dangote’s 650,000 bpd crude capacity. What matters is being focused in their programme for the economy because, the attractiveness or its consideration is on the overall impact, when other aspects of the organizational policy and sustainability pillars (economic gains/profit, social responsibility/dividends and environmental quality) are considered in the economy, vis-à-vis the environmental responsibility and the corporate social responsibility for the host environment, alongside the gains and benefits for all the stakeholders, whenever the company’s daily policies and strategies are factored into growth and development in the society. This project and the promoters/investors need to be highly appreciated and commended for the feat and exemplary performance.
This performance is a true and practical sample of actions and operations expected of players in the oil and gas sector, for the nation to tap and reap the opportunities in the abundant fossil fuels deposits, especially now that the innovative technology for alternative, cleaner energy sources aren’t comparatively attractive yet, in terms of pricing internationally. With the second phase of their plan, that shall deliver a capacity of 25,000 bpd crude and condensate refinery as an upgrade on this 5,000 bpd modular plant; by an increased capacity of 271 million liters of refined products annually (which includes Diesel, Naphtha, HFO and Kerosene), the nation’s petroleum products daily demand loads in the domestic market no doubt, is appreciably lessened on the economy’s roadmap to products’ self sufficiency (achieving a net exporter status yet, not withstanding).
These two names, Waltersmith Petroman and Dangote Group, among other committed and patriotic players within the sector are the eligible and qualified entities that could take over/buy up to control the management of the nation’s four comatose facilities from NNPC as proposed, come 2023. They have clearly displayed and exhibited seriousness to operate in the downstream sector, with genuine intention to maintain environmental sustainability in the HSE policy, as being tested since 2004 through their Exploration and Production operations in the upstream activities. I also wish that Amakpe plant in Akwa Ibom and Orient Petroleum in Anambra will follow suit, without further delays.
With this pursued development now trending in that sector, Nigeria will surely overtake and recover all the lost grounds (both in the international oil and gas market and in other sectors for non-oil export growth) economically, as envisaged. This must only be achieved if, the government and the federal regulatory agencies lend the necessary supportive incentives to these local investors, with the deregulated policy that shall make them compete effectively and thrive in the Downstream value chain of operations. I make bold to forecast that their growth and breakthroughs in the continent is imminent in the light of the existence of the multilateral trade agreements within the continent, the African Continental Free Trade Agreement (AfCFTA) among others, all things being equal.
Their visionary strategy in planning, to develop energy for the future with innovative energy ideas; providing world-class energy solutions within the economy by integrating sustainable business practices in all activities, they are destined to go places in the industry. Nigeria needs to be vigorously positioned by her efforts in carving a niche within the sub saharan Africa, as a finished products hub in the oil and gas industry in a post COVID-19 pandemic era, by leveraging on the advantages the global health challanges have offered after the total global lockdown that adversely impacted directly or indirectly on all world economies.
The newly reconstituted Nigeria’s National Oil Company, Nigeria National Petroleum Company Limited (NNPC Ltd) as a fully established profit making organization; ought to move with the speed of light in regaining those economic lost grounds through a consciencious effort by deploying every available result oriented strategy in and around these privately owned companies as they partner to make the downstream operations be worthwhile for economic exploits, considering the enormous opportunities nature has offered through the richly endowed natural resources. Let the oil business be handled from now onwards with the professionalism and dedicated patriotism the NNPC, PPPRA, DPR and PPMC staff are required of, for the economy to grow with the expected financial strength it ought to, internationally.We are tired of these shameful stories and pictures of bad image through all sorts of corrupt practices in the oil sector, after sixty years of our national life. Let all the indigenous players in the oil industry start small now, as Waltersmith has demonstrated.
Sunny Chuba Nwachukwu (FICCON, LS) Onitsha, +2348033182105