NCDMB Will Extend Its ‘Transitional’ Equity to Ibigwe Expanded Refinery

Nigeria’s National Content Development Monitoring Board (NCDMB) will invest in the next phase of the Waltersmith Refinery in Ibigwe, Imo State, on the eastern flank of the Niger Delta basin.

The board is a 30% participant in the first phase, a 5,000BOPD facility with output capacity of 271Million litres of Petroleum Products, per year.

But whereas the NCDMB’s $10Million investment in the first phase is transitional equity, which means it is expected to pull its funding when the project is developed, the board is impressed enough with the first phase that it is committing itself to the 25,000BPD Phase 2 Condensate Refinery, for which Final Investment Decision is under active consideration.

“Yes, we will continue”, Simbi Wabote, the NCDMB Executive Secretary told Africa Oil+Gas Report. “They have done what they said they would do and we are happy with them”.

Abdulrazaq Isa, Chairman of the board of Waltersmith confirmed the development to Africa Oil+Gas Report. “Ÿes they are working with us on the second phase”, he said.

The 25,000BPD Condensate Refinery will utilize feedstock from the nearby ANOH Gas Processing Company (AGPC) “and some additional commercial discussions were progressed on some nearby oil and gas assets”, Waltersmith says in a briefing.

Front End Engineering Design (FEED) for the 25,000BPD Phase 2 Condensate Refinery was completed in Q1 2020, Feasibility study in Q22020 and the EPCIC Contracting process has been initiated while delivery is expected by Q4 2022.

The groundbreaking ceremony was done in conjunction with the commissioning of the Phase 1 Refinery in November 2020 by President Muhammadu Buhari.

When completed, the Phase 2 will deliver about 1.4Billion litres per year of refined petroleum products (Premium Motor Spirit – PMS, Diesel, Kerosene, Aviation Jet Fuel and HFO) in addition to the 271 million liters from the Phase 1 Refinery.



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