Nigerian energy firm enters Angola’s oil sector with major production sharing deal

Nigerian energy firm Walcot Group has made a decisive leap into Angola’s oil and gas industry by signing a landmark Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).

The agreement, which follows Walcot’s successful bid for three oil blocks in a recent international licensing round, marks a significant milestone in the company’s strategy to expand across Africa’s top energy-producing regions.

The signing ceremony took place in Luanda, with Walcot Group’s Founder and President, Christopher Nwabueze Ezea II, and ANPG’s Executive Administrator, Alcides Andrade, formalizing the deal.

The event was attended by high-level dignitaries, including Walcot Managing Director S.B. Mohammed, Executive Director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima, underscoring growing economic collaboration between the two nations.

Under the terms of the PSC, Walcot secures full operatorship and 100 per cent participating interest in Block CON 3 and Block CON 7, both located in the resource-rich Lower Congo Basin.

Block CON 3 spans 723.37 km² and contains an estimated 1.25 billion barrels of prospective oil, while Block CON 7 covers 744.77 km² with 710 million to 1.15 billion barrels in reserves.

Additionally, Walcot has acquired a 10 per cent stake in Block KON 13 in the Kwanza Onshore Basin.

Other stakeholders in the block include Sonangol, Effimax Energy, and Oando Energy Resources, which will serve as the operator. Block KON 13 holds between 770 million and 1.1 billion barrels of oil.

“This is a transformative moment for Walcot as we deepen our presence in Africa’s energy landscape,” said Ezra.

“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 added.

Angola, currently aiming to sustain oil production at 1.1 million barrels per day through 2027 and eventually double it, sees Walcot’s involvement as a significant boost to its upstream ambitions.

The Lower Congo and Kwanza Basins known for their prolific geological formations, offer Walcot a strategic platform to apply its technical know-how and commitment to sustainable energy development, furthering its mission to promote economic growth across the continent.

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