Nigerian-led energy company, Walcot Group, has signed a Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG) to operate oil blocks.
The agreement followed the company’s successful bid for three oil blocks in a competitive international licensing round, marking a significant step in its mission to expand its footprint across Africa’s high-potential energy basins.
The signing ceremony, held in Luanda, saw Christopher Ezea II, Founder and President of Walcot Group signed on behalf of the company while ANPG’s Executive Administrator, Alcides Andrade signed for the Angolan agency.
The signing ceremony was attended by Walcot’s Managing Director S.B. Mohammed; Executive Director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima.
The event highlighted the strengthening of economic ties between Nigeria and Angola.
“Under the PSC, Walcot secures full operatorship of Block CON 3 and Block CON 7 in the Lower Congo Basin, holding a 100per cent participating interest in both. Block CON 3, spanning 723.37 km², boasts an estimated 1.25 billion barrels of prospective oil resources, with promising Pre-salt and Post-salt structures. Block CON 7, covering 744.77 km², holds between 710 million and 1.15 billion barrels, supported by rich source rocks and nearby commercial discoveries.
“Additionally, Walcot takes a 10per cent stake in Block KON 13 in the Kwanza Onshore Basin, alongside Angola National Oil Company, Sonangol; Effimax Energy and Oando Energy Resources as the operator, with prospective resources ranging from 770 million to 1.1 billion barrels,” the company said in a statement.
Ezea said: “This is a transformative moment for Walcot as we deepen our presence in Africa’s energy landscape.
“We are excited to partner with Angola’s government and ANPG to unlock the potential of these blocks, driving value for stakeholders and supporting regional energy security.”
According to the statement, Angola, aiming to maintain its oil output at 1.1 million barrels per day through 2027 and double it in the long term, views Walcot’s entry as a boost to its upstream ambitions.
“The Lower Congo and Kwanza Basins, known for their prolific geology, offer Walcot a prime opportunity to apply its technical expertise and sustainable practices, aligning with the company’s broader goal of fostering economic growth across the continent,” the statement added.
A prominent Nigerian-led energy company, Walcot Group has signed a Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG) to operate oil blocks.
The agreement followed the company’s successful bid for three oil blocks in a competitive international licensing round, marking a significant step in its mission to expand its footprint across Africa’s high-potential energy basins.
The signing ceremony, held in Luanda, saw Christopher Ezea II, Founder and President of Walcot Group signed on behalf of the company while ANPG’s Executive Administrator, Alcides Andrade signed for the Angolan agency.
The signing ceremony was attended by Walcot’s Managing Director S.B. Mohammed; Executive Director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima.
The event highlighted the strengthening of economic ties between Nigeria and Angola.
“Under the PSC, Walcot secures full operatorship of Block CON 3 and Block CON 7 in the Lower Congo Basin, holding a 100per cent participating interest in both. Block CON 3, spanning 723.37 km², boasts an estimated 1.25 billion barrels of prospective oil resources, with promising Pre-salt and Post-salt structures. Block CON 7, covering 744.77 km², holds between 710 million and 1.15 billion barrels, supported by rich source rocks and nearby commercial discoveries.
“Additionally, Walcot takes a 10per cent stake in Block KON 13 in the Kwanza Onshore Basin, alongside Angola National Oil Company, Sonangol; Effimax Energy and Oando Energy Resources as the operator, with prospective resources ranging from 770 million to 1.1 billion barrels,” the company said in a statement.
Founder and president of Walcot Group, Ezea said: “This is a transformative moment for Walcot as we deepen our presence in Africa’s energy landscape.
“We are excited to partner with Angola’s government and ANPG to unlock the potential of these blocks, driving value for stakeholders and supporting regional energy security.”
According to the statement, Angola, aiming to maintain its oil output at 1.1 million barrels per day through 2027 and double it in the long term, views Walcot’s entry as a boost to its upstream ambitions.
“The Lower Congo and Kwanza Basins, known for their prolific geology, offer Walcot a prime opportunity to apply its technical expertise and sustainable practices, aligning with the company’s broader goal of fostering economic growth across the continent,” the statement added.
