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