Page 42 - SUSTAINABILITY REPORT 2020_FLIPBOOK VERSION.cdr

WALTERSMITH POWER COMPANY OUR ENERGY TRANSITION PLANS

As it transforms into an integrated energy company, In March 2021, the Federal Government launched an ini a ve that
Waltersmith is developing a 300MW Gas to Power project in a declared January 1, 2021, to December 31, 2030, as “The Decade of
Gas Development for Nigeria”. This includes a plan by Nigeria to
phased approach to serve our Refinery, Flowstation as well as
en rely power its economy with gas by the year 2030. The rising global
the planned Industrial and Innovation Park, all in the Ibigwe
demand for cleaner energy sources has opened an opportunity to
field. The Nigerian Electricity Regulatory Commission (NERC) exploit gas resources for the upli ment of the economy, given the
granted Waltersmith Ugamma Power Company Limited, a country's poten al of about 600trillion cubic feet of gas.
power generation license in 2017. The power plant will utilize
Waltersmith intends to immediately leverage on the “Decade of Gas”
processed gas from Waltersmith's Ibigwe marginal field and
ini a ve in our gas to power projects, as we begin our journey towards
natural gas from third parties operating gas fields that are
energy transi on.
within proximity of the Ibigwe field.
In the year under review, we ini ated discussions with poten al
To derive maximum value from its power business, we have tenants of our Industrial Park on access to natural gas to be used as
raw materials in their produc on and as part of our integrated energy
set up a distribution company and are in the process of
plans our goal is to acquire assets with significant gas reserves to fully
securing an Independent Electricity Distribution Network
meet the needs of our tenants both in feedstock and power supply
(IEDN) license. This will enable the supply and distribution of using natural gas.
off-grid power from the power plant through distributed
infrastructure to our offtakers within the Industrial and We pride ourselves in compliance with all the regula ons in the gas
and power sector, while running our day-to-day opera ons.
Innovation Park and other third parties.

Aligned with Africa's need to grow oil production and
consumption, Waltersmith will continue to invest in oil and
gas assets but will gradually move its portfolio towards gas as
the cleaner transition fossil fuel, and then to renewables
(predominantly Solar).

The power generated will be supplied to both off-grid and
national grid and is expected to contribute towards bridging
the power supply gap in the country and create both direct
and indirect jobs during the construction and operational
phases.
Graphical representation of Waltersmith Gas & Power Sustainability

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