Nigerian Company Wins 3 Oil Blocks in Angola amid Rising Reserves

• A Nigerian oil company, Walcot Group, has signed a petroleum-sharing agreement with the oil regulator for three oil blocks
• The deal with the Angolan National Agency for Petroleum, Gas and Biofuels came after Walcot’s successful bid for three oil mining licences
• The licences hold an estimated three billion barrels of crude oil spanning several square kilometres

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

A prominent Nigerian energy firm, Walcot Group, has inked a petroleum-sharing deal with the Angolan National Agency for Petroleum, Gas, and Biofuels.

The deal followed the company’s successful bid for three oil mining licences in a competitive international bid round, which experts say is a significant step towards Walcot’s mission to expand its tentacles across Africa’s energy basins.

Walcot acquires billions of barrels of oil

The signing ceremony saw the founder and president of Walcot Group, Christopher Ezea, sign the deal with ANPG’s executive administrator, Alcides Andrades.

Read also

Aba power moves to roll out 40,000 prepaid metres after providing uninterrupted power

Key figures attended the event, including Walcot’s managing director, S.B. Mohammed, executive director, Nnabuihe Nnamani, and Rebekkah Galadima, Nigeria’s Acting Ambassador to Angola.

According to reports, under the PSC, Walcot gets full operation of Block CON 3 and Block CON 7 in the lower Congo Basin, which holds 100% participating interest in the blocks.

A statement by the firm revealed that Block CON 3, which spans 723.37 square kilometres, has an estimated 1.25 billion barrels of potential oil resources, with promising pre-salt and post-salt structures.

Block CON 7 covers 744.77 square kilometres and contains about 710 million and 1.15 billion barrels supported by rich source rocks and commercial discoveries nearby.

Walcot takes 10% in other oil blocks

Punch reports that the statement said the Nigerian oil firm takes a 10% stake in Block CON 13 in the Kwanza Onshore Basin, alongside Angola National Oil Company, Sonangol, Effimax Energy, and Oando Energy Resources as the operator, with prospective resources covering 770 million to 1.1 billion barrels.

Read also

Nigeria gains new position in Africa as oil and gas reserves hits new high

He added that 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, the statement said.

Ezea said the Lower Congo and Kwanza Basins offer the company a prime opportunity to apply its technical expertise and sustainable practices, which align with its broad objective of fostering economic growth across Africa.

Nigeria’s oil reserves hit 37.28 billion barrels

The development comes after the Nigerian Upstream and Petroleum Regulatory Commission (NUPRC) announced that Nigeria's official petroleum reserves have increased to 37.28 billion barrels of crude oil and condensate, along with 210.54 trillion cubic feet of natural gas.

The NUPRC disclosed this recently in a release, declaring the country’s reserve position in crude oil and natural gas.

Nigeria’s oil and gas reserves increase

According to the release signed by NUPRC chief executive officer, Gbenga Komolafe, Nigeria’s proven (2P) crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively.

Read also

PETROAN says cheaper fuel likely as NNPCL, MRS, Ardova's new pump price emerges

In the gas industry, associated gas reserves are projected to be 101.03 TCF. while non-associated gas reserves reached 109.51 TCF, all reaching 210.54 TCF.

“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows: 2P crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.

“2P associated gas and non-associated gas reserves stand at 101.03 trillion cubic feet and 109.51 TCF, respectively, resulting in total gas reserves of 210.54 TCF,” the statement said.

Komolafe said that the revelation aligns with Nigeria’s economic future and the commission’s mandate as enshrined in the Petroleum Industry Act 2021, stating that the commission’s commitment to growing Nigeria’s hydrocarbon base to boost production and ensure long-term sustainability.

Nigeria, Libya, top list of countries with the highest oil reserves

Read also

MRS, Ardova, Hyden filling stations sell at cheaper rates than NNPC as new fuel price emerges

Legit.ng earlier reported that Libya, Nigeria, and Algeria are among the top countries on the continent, which has a sizable portion of the world's proven oil reserves.

In both North and sub-Saharan Africa, oil extraction is essential because it draws in foreign capital, generates employment, and helps the governments make money.

Africa's greatest proven oil reserves continue to affect worldwide trade and energy regulations, as well as the region's place in the global energy market.

Source: Legit.ng