Written by Springnewsng Media Limited | April 13, 2025

Luanda, Angola – In a major milestone for Nigeria’s oil and gas sector, Walcot Group, a leading Nigerian energy company, has officially signed a production sharing contract (PSC) with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG). The deal follows Walcot’s http://Nigeria’s oil and gas sector, Walcot Group, a leading Nigerian energy company, has officially signed a production sharing contract (PSC) with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG). The deal follows Walcot’ssuccessful bid for three high-potential oil blocks during a competitive international licensing round.

The contract signing ceremony, held in Luanda, was a significant event witnessed by top industry and diplomatic stakeholders. Christopher Ezea, Founder and President of Walcot Group, signed the agreement alongside Alcides Andrade, Executive Administrator of ANPG. Other key attendees included S.B. Mohammed, Walcot’s Managing Director; Nnabuihe Nnamani, Executive Director; and Rebekkah Galadima, Nigeria’s Acting Ambassador to Angola—reflecting the strengthening energy relations between Nigeria and Angola.

Walcot Group Acquires Full Operatorship of Block CON 3 and Block CON 7

Under the newly signed PSC, Walcot Group secured 100% participating interest and operatorship of Block CON 3 and Block CON 7, both located in Angola’s resource-rich Lower Congo Basin.

• Block CON 3 spans 723.37 km² and holds an estimated 1.25 billion barrels of prospective oil resources.
• Block CON 7, covering 744.77 km², contains 710 million to 1.15 billion barrels of oil reserves, backed by rich source rocks and nearby commercial discoveries.

Strategic Investment in Kwanza Basin with Stake in Block KON 13

Walcot also acquired a 10% equity stake in Block KON 13, located in the Kwanza Onshore Basin. The block is operated by Oando Energy Resources, alongside partners Sonangol and Effimax Energy, and holds between 770 million and 1.1 billion barrels of prospective oil resources.

A Major Boost for Africa’s Oil and Gas Development

“This is a transformative moment for Walcot as we expand our footprint across Africa’s top energy frontiers,” said Christopher Ezea. “Our partnership with Angola’s government and ANPG underscores our commitment to unlocking value, promoting energy security, and driving sustainable growth across the continent.”

Ezea highlighted Angola’s ambitious plan to sustain crude oil output at 1.1 million barrels per day through 2027, with long-term goals to double production. Walcot’s entry is expected to significantly support Angola’s upstream oil development strategy.

He further emphasized that the Lower Congo and Kwanza Basins are among Africa’s most prolific geological zones, offering an ideal platform for Walcot to deploy its technical expertise and environmentally responsible practices.

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