Nigeria’s Walcot Group wins three oil blocks in Angola

Walcot Group, a prominent Nigerian energy company, has signed a production sharing contract with the Angolan National Agency for Petroleum, Gas, and Biofuels.

The agreement signed last week followed the company’s successful bid for three oil blocks in a competitive international licensing round, marking a significant step in its mission to expand its footprint across Africa’s high-potential energy basins.

The signing ceremony, held in Luanda, saw the Founder and President of Walcot Group, Christopher Ezea, ink the deal alongside ANPG’s Executive Administrator, Alcides Andrade.

The event was attended by key figures, including Walcot’s Managing Director, S.B. Mohammed; Executive Director, Nnabuihe Nnamani; and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima, highlighting the strengthening economic ties between Nigeria and Angola.

It was learnt that under the PSC, Walcot secures full operatorship of Block CON 3 and Block CON 7 in the Lower Congo Basin, holding a 100 per cent participating interest in both.

A statement by the company disclosed that Block CON 3, spanning 723.37 km², boasts an estimated 1.25 billion barrels of prospective oil resources, with promising pre-salt and post-salt structures. Block CON 7, covering 744.77 km², holds between 710 million and 1.15 billion barrels, supported by rich source rocks and nearby commercial discoveries.

“Additionally, Walcot takes a 10 per cent stake in Block KON 13 in the Kwanza Onshore Basin, alongside Angola National Oil Company, Sonangol; Effimax Energy and Oando Energy Resources as the operator, with prospective resources ranging from 770 million to 1.1 billion barrels.

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

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 Walcot Group founder said the Lower Congo and Kwanza Basins, known for their prolific geology, offer Walcot a prime opportunity to apply its technical expertise and sustainable practices, aligning with the company’s broader goal of fostering economic growth across the continent.

SOURCE : PUNCH