Walcot Limited Seals Landmark Oil Deal with Angola, Eyes Major Expansion in Africa’s Energy Sector

Walcot Limited, a Nigerian-led energy company, has taken a significant leap in its pan-African expansion strategy by signing a Production Sharing Contract (PSC) with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG), securing rights to three promising oil blocks across two of Angola’s most prolific basins.

The agreement, formalized on April 7, 2025, in Luanda, grants Walcot full operatorship of Blocks CON 3 and CON 7 in the Lower Congo Basin—two sites with combined prospective resources estimated at more than 2 billion barrels of oil.

Additionally, the company secured a 10% stake in Block KON 13 in the Kwanza Onshore Basin, operated by Oando Energy Resources.

“This is a transformative moment for Walcot as we deepen our presence in Africa’s energy landscape,” said Christopher Nwabueze Ezea II, Founder and Group President of Walcot Limited, during the signing ceremony.

“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.”

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The contract signing was witnessed by high-ranking officials from both countries, including Walcot’s Managing Director S.B. Mohammed, Executive Director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima, signaling a growing synergy between Nigeria and Angola’s energy ambitions.

The newly acquired Block CON 3 spans 723.37 square kilometers and holds an estimated 1.25 billion barrels of oil, featuring highly prospective Pre-salt and Post-salt structures.

Block CON 7, slightly larger at 744.77 square kilometers, is estimated to hold between 710 million and 1.15 billion barrels, supported by rich source rocks and adjacent commercial finds.

“This partnership with Walcot is a testament to Angola’s commitment to attracting top-tier technical operators to help maximize our hydrocarbon potential,” said Alcides Andrade, Executive Administrator at ANPG. “We look forward to Walcot’s contribution in advancing Angola’s upstream sector.”

Angola, Africa’s second-largest oil producer, has set an ambitious goal of maintaining daily production at 1.1 million barrels through 2027, with a long-term objective of doubling output.

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Industry analysts see Walcot’s involvement as a timely injection of technical expertise and capital to support this target.

Walcot’s 10% non-operating interest in Block KON 13—located in the geologically rich Kwanza Basin—adds further weight to its presence in Angola.

The block is estimated to hold between 770 million and 1.1 billion barrels of prospective oil resources.

“With this deal, Walcot demonstrates its commitment to unlocking Africa’s energy potential using sustainable and technologically sound practices,” Ezea added. “Our focus is not only on exploration success but also on building lasting economic impact across the continent.”

As global interest in African oil and gas resurges, Walcot’s entry into Angola underscores the evolving role of Nigerian firms as influential players in the continent’s energy future.

Source: Legit.ng