Walcot Group, a well-known Nigerian energy company, has signed a production sharing contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG). The signing took place last week and comes after the company successfully won a bid for three oil blocks during an international licensing round. This move marks a major step in Walcot’s efforts to expand its operations in Africa’s rapidly growing energy sector.
The ceremony, which took place in Luanda, Angola, was attended by several key individuals. The Founder and President of Walcot Group, Christopher Ezea, signed the agreement alongside ANPG’s Executive Administrator, Alcides Andrade. Other notable figures present at the event included Walcot’s Managing Director, S.B. Mohammed; Executive Director, Nnabuihe Nnamani; and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima. Their attendance emphasized the strengthening of the economic and business relationship between Nigeria and Angola.
Under the terms of the PSC, Walcot Group will have full control of Block CON 3 and Block CON 7 located in the Lower Congo Basin. The company holds a 100 percent participating interest in both blocks, making it the sole operator of these key resources.
Details of the blocks were also revealed. Block CON 3 spans 723.37 square kilometers and is estimated to contain around 1.25 billion barrels of prospective oil resources. The block has both pre-salt and post-salt structures that could make it highly lucrative. Meanwhile, Block CON 7 covers 744.77 square kilometers and is expected to hold between 710 million and 1.15 billion barrels of oil. The block benefits from rich source rocks and nearby commercial oil discoveries, which could enhance its production potential.
Additionally, Walcot Group will also take a 10 percent stake in Block KON 13, located in the Kwanza Onshore Basin. The other stakeholders in this project include Angola’s state oil company Sonangol, Effimax Energy, and Oando Energy Resources, with the latter serving as the operator. The prospective resources in Block KON 13 range from 770 million to 1.1 billion barrels, making it another significant addition to Walcot’s portfolio.
Commenting on the deal, Christopher Ezea expressed his excitement about the partnership, stating that it represents a transformative moment for Walcot. He emphasized the company’s commitment to working with the Angolan government and ANPG to unlock the full potential of the blocks, which will not only create value for stakeholders but also contribute to regional energy security.
Ezea further highlighted Angola’s ambition to maintain an oil output of 1.1 million barrels per day until 2027 and eventually double its production. He noted that Walcot’s entry into the country would support these long-term goals, reinforcing the company’s role in advancing Angola’s upstream sector. He also mentioned that the Lower Congo and Kwanza Basins, known for their highly productive geological formations, present an excellent opportunity for Walcot to apply its technical expertise while promoting sustainable development practices.
This move is seen as a strategic one, as it solidifies Walcot’s position in Africa’s growing energy market, aligning with the company’s broader vision of contributing to the continent’s economic growth through responsible and efficient energy development.
