One of Nigeria’s flourishing indigenous energy companies, Walcot Limited, has announced its strategic entry into Angola’s oil and gas sector by signing a production-sharing contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
Founder and Group President of Walcot Limited, Christopher Nwabueze Ezea II, with the Angolan National Agency for Petroleum, Gas, and Biofuels’ Executive Administrator, Alcides Andrade, after the signing of the contract agreement in Luanda recently.
The agreement sealed on April 7, 2025 is coming on the heels of the company’s successful bid for three oil blocks during a competitive international licensing round as part of steps to boost its presence across Africa’s energy landscape.
The signing ceremony, held in Luanda, was in collaboration with Christopher Nwabueze Ezea II, Founder and Group President of Walcot Limited, and ANPG’s Executive Administrator, Alcides Andrade.
Participants at the event included Walcot’s Managing Director, S.B. Mohammed; Executive Director, Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima.
The event highlighted the commitment to strengthening economic ties between Nigeria and Angola.
Under the PSC, Walcot Limited would take on full operatorship of Block CON 3 and Block CON 7 in the Lower Congo Basin, with a 100% participating interest in both.
Block CON 3, which spans 723.37 km², is estimated to contain around 1.25 billion barrels of prospective oil resources, featuring promising Pre-salt and Post-salt structures.
Block CON 7, covering 744.77 km², is projected to hold between 710 million and 1.15 billion barrels, supported by rich source rocks and nearby commercial discoveries.
Also, Walcot woule hold a 10% interest in Block KON 13 in the Kwanza Onshore Basin, operated by Oando Energy Resources, with prospective resources ranging from 770 million to 1.1 billion barrels.
“This is an exciting opportunity for Walcot as we deepen our involvement in Africa’s energy sector,” Group President Ezea said.
“We look forward to working closely with Angola’s government and ANPG to explore and develop these blocks, creating value for our stakeholders and contributing to regional energy security,” he added.
Angola is keen to sustain its oil output at 1.1 million barrels per day through 2027, with ambitions to double this output in the longer term.
Walcot’s entry into the market is viewed as a positive development for Angola’s upstream goals. The Lower Congo and Kwanza Basins, recognized for their rich geology, provide Walcot with a valuable platform to utilize its technical expertise and sustainable practices, reinforcing the company’s commitment to fostering economic growth and development throughout the continent.