Nigerian energy firm Walcot Group has signed a landmark Production Sharing Contract (PSC) with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG), securing access to three key oil blocks in a move that significantly enhances its presence across Africa’s resource-rich basins.
The agreement follows Walcot’s successful bid during a competitive international licensing round. The official signing ceremony took place in Luanda, attended by senior representatives from both parties. Walcot’s Founder and President, Christopher Ezea, signed the deal alongside ANPG Executive Administrator Alcides Andrade. Other attendees included Walcot’s Managing Director S.B. Mohammed, Executive Director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima—signaling deeper economic cooperation between Nigeria and Angola.
READ: REA, Nigeria ink deal on renewable energy
Under the new agreement, Walcot will serve as sole operator of Blocks CON 3 and CON 7 in Angola’s Lower Congo Basin, holding 100% ownership in both. Block CON 3 spans approximately 723 km² and is believed to hold up to 1.25 billion barrels of recoverable oil, featuring attractive pre-salt and post-salt formations. Block CON 7, which covers 744 km², is estimated to contain between 710 million and 1.15 billion barrels of oil, backed by solid geological indicators and nearby producing fields.
Additionally, the company has secured a 10% interest in Block KON 13, located in the Kwanza Onshore Basin. This block is operated by Oando Energy Resources in partnership with Sonangol and Effimax Energy, with estimated reserves ranging from 770 million to 1.1 billion barrels.
“This agreement marks a pivotal point in Walcot’s journey,” said Ezea. “Angola’s proven basins provide an excellent opportunity for us to bring our technical capabilities and sustainable approach to deliver value for all stakeholders. We are proud to support Angola’s vision for energy development and regional security.”
The Angolan government has set a short-term goal of maintaining oil production at 1.1 million barrels per day, with longer-term ambitions to double output. Walcot’s entry into the Angolan upstream sector is seen as a positive boost toward realizing these targets.
Ezea also noted that both the Lower Congo and Kwanza Basins are geologically favorable and align well with Walcot’s broader mission to drive responsible resource development and contribute to Africa’s economic growth.
