Preheat oven to 180 degrees C. Lightly grease baking trays.
In a large bowl cream together the margarine, oil, brown sugar and white sugar until smooth. Beat in the egg substitute, vanilla and water. Combine the flour, bicarb soda, cinnamon and nutmeg; stir into the sugar mixture. Stir in the oats, oat bran, wheat germ, raisins and walnuts. Drop by teaspoonfuls onto the prepared baking trays.
Bake for 18 to 20 minutes in the preheated oven, or until the edges are lightly browned. Remove from baking trays to cool on wire racks.