Waltersmith Petroman Oil Limited was incorporated in 1996 as a joint venture between Waltersmith and Associates Limited, a Nigerian company and Petroman Oil Limited of Calgary, Canada to operate as an oil exploration and production company. In 2001, Waltersmith Petroman Oil Limited became a wholly owned Nigerian company with the divestment of Petroman Oil Limited. The company subsequently participated in the Marginal Oil field licensing round for indigenous companies and was awarded the Ibigwe field located in Oil Mining Lease 16 by the Federal Government of Nigeria in 2003. The award was secured on a joint interest basis: Waltersmith - 70% and Morris Petroleum Limited (also an indigenous Company) - 30%.

Consequently, Waltersmith was designated the operator of the field. Waltersmith executed a farm-out agreement with Shell Petroleum Development Company and its Joint Venture Partners including the Nigerian National Petroleum Corporation (NNPC) in 2004 to effectively takeover the field for development. Waltersmith commenced production and crude export from the concession area in March and June 2008 respectively. In 2016, Waltersmith concluded the acquisition of the 30% holding interest of Morris Petroleum in Ibigwe Field.