In a pivotal move for Africa’s oil and gas sector, Nigeria-based Walcot Group has clinched a production sharing contract (PSC) with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG).
Signed last week, this agreement awards Walcot operational rights over three oil blocks following a competitive international licensing round.
The deal not only strengthens energy collaboration between Nigeria and Angola but also marks a transformative step in Walcot’s mission to expand across Africa’s prolific energy basins, reinforcing its position in the upstream oil industry.
Agreement Details
Under the PSC, Walcot Group gains full operatorship of two blocks, Block CON 3 and Block CON 7 in Angola’s Lower Congo Basin, securing a 100% participating interest in both.
Additionally, the company has acquired a 10% stake in Block KON 13 in the Kwanza Onshore Basin, partnering with operator Oando Energy Resources, Angola’s state-owned Sonangol, and Effimax Energy.
This acquisition follows Walcot’s successful bid in Angola’s latest licensing round, highlighting its growing influence in Africa’s energy exploration landscape.
High-Profile Signing in Luanda
The contract was formalized during a ceremony in Luanda, Angola’s capital, attended by prominent figures from both nations. Walcot Group’s Founder and President, Christopher Ezea, signed alongside ANPG’s Executive Administrator, Alcides Andrade.
Key attendees included Walcot’s Managing Director, S.B. Mohammed, Executive Director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima.
The event underscored the deepening economic and energy ties between Nigeria and Angola, two of Africa’s leading oil-producing nations.
Oil Block Specifications
- Block CON 3: Spanning 723.37 km² in the Lower Congo Basin, this block holds an estimated 1.25 billion barrels of prospective oil resources. Its pre-salt and post-salt geological structures make it a prime target for exploration and development.
- Block CON 7: Covering 744.77 km² in the same basin, Block CON 7 is projected to contain between 710 million and 1.15 billion barrels of oil. Rich source rocks and proximity to proven commercial fields enhance its upstream potential.
- Block KON 13: Located in the Kwanza Onshore Basin, this block boasts prospective resources of 770 million to 1.1 billion barrels. Walcot’s 10% interest complements the stakes held by its partners, including Sonangol and Oando Energy Resources, the block’s operator.
Implications for Walcot and Angola
Christopher Ezea hailed the deal as a “transformative moment” for Walcot, emphasizing its role in deepening the company’s presence in Africa’s energy sector. “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,” he stated.
For Angola, which aims to sustain oil production at 1.1 million barrels per day through 2027 and double output in the long term, Walcot’s entry bolsters its upstream ambitions. The Lower Congo and Kwanza Basins, renowned for their geological richness, offer Walcot a platform to leverage its technical expertise and commitment to sustainable energy practices.
A Milestone for Africa’s Energy Future
This agreement positions Walcot Group as a rising force in Africa’s oil and gas industry while aligning with Angola’s goals to attract foreign investment and optimize its hydrocarbon reserves.
With billions of barrels in prospective resources at stake, the partnership promises to enhance energy security, drive economic growth, and solidify Nigeria-Angola relations.
As Africa’s energy landscape evolves, this deal highlights the continent’s untapped potential and the critical role of strategic collaborations in unlocking it.
