In a move that underscores the growing influence of Nigerian energy companies in Africa, Walcot Group has finalized a production sharing contract (PSC) with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG). This landmark agreement, signed last week, grants Walcot Group substantial stakes in three key oil blocks, positioning the company to tap into billions of barrels of prospective resources.
The signing ceremony, held in Luanda, was a testament to the strengthening economic ties between Nigeria and Angola. Christopher Ezea, Founder and President of Walcot Group, formalized the agreement alongside Alcides Andrade, Executive Administrator of ANPG. The event drew key industry figures, including Walcot’s Managing Director, S.B. Mohammed; Executive Director, Nnabuihe Nnamani; and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima.
“This is a transformative moment for Walcot as we deepen our presence in Africa’s energy landscape,” stated Christopher Ezea. “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.”
Under the terms of the PSC, Walcot Group secures full operatorship of Block CON 3 and Block CON 7 in the prolific Lower Congo Basin, holding a 100 percent participating interest in both. Block CON 3, spanning 723.37 km², is estimated to hold 1.25 billion barrels of prospective oil resources, boasting 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.
Furthermore, Walcot Group has acquired a 10 percent stake in Block KON 13 in the Kwanza Onshore Basin, alongside Angola’s national oil company, Sonangol; Effimax Energy; and Oando Energy Resources, which will serve as the operator. This block holds prospective resources ranging from 770 million to 1.1 billion barrels.
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The Lower Congo and Kwanza Basins are renowned for their rich geological potential, providing Walcot Group with a strategic opportunity to deploy its technical expertise and sustainable practices. As Angola aims to maintain its oil output at 1.1 million barrels per day through 2027 and double it in the long term, Walcot’s entry is seen as a crucial boost to the nation’s upstream ambitions.
“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,” Ezea explained.
This agreement not only signifies Walcot Group’s expansion but also highlights the increasing collaboration within the African energy sector. By leveraging its experience and technical prowess, Walcot Group aims to contribute significantly to the region’s energy security and economic growth.
