Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, has carried out a site visit of the Watersmith Modular Refinery being constructed in southeastern Nigeria
Developed by Waltersmith Petroman Oil in partnership with the Nigerian Content Development and Monitoring Board, the modular refinery embodies Africa’s efforts to generate local value by refining its own oil at home.
The refinery is on schedule for inauguration in May 2020, the time when its phase two will start to boost refining capacity from 5,000 bopd to 30,000 bopd.
The refinery is also a path opener for many Nigerian operators of marginal fields, demonstrating how the exploitation of smaller assets such as Waltersmith’s Ibigwe field can generate value from upstream to downstream and help African nations meet their energy security agenda.
The minister said, “I am truly impressed by the nature and advancement of this project. I share our industry’s belief that it is high time for Africans to start refining and processing our own crude at home to maximize our energy security, create local jobs and add value to our economies. Creating the right public-private partnerships will be of great benefit to all countries and business leaders. I salute Waltersmith Petroman for the work they do here.”
Equatorial Guinea is currently rolling out its Year of Investment initiative, which is attracting investment across several projects from upstream to downstream. These notably include a goal of building two refineries on Bioko island and in Bata (Mainland) to serve the domestic and regional market.
During his visit, the minister also confirmed his participation and attendance at the upcoming Nigeria International Petroleum Summit, set to take place in Abuja on 9-12 February.