In a significant move, Walcot Group, a leading Nigerian energy company, has successfully bid for and secured three oil blocks in Angola through a Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG). The agreement, formalized on April 7, 2025, in Luanda, marks a major milestone in Walcot’s strategy to expand its footprint across Africa’s high-potential energy basins.
Under the terms of the PSC, Walcot gains full operatorship and a 100% participating interest in Blocks CON 3 and CON 7, both located in the Lower Congo Basin. Block CON 3 spans 723.37 square kilometers and holds an estimated 1.25 billion barrels of prospective oil resources, featuring promising pre-salt and post-salt structures. Block CON 7 covers 744.77 square kilometers, with reserves estimated between 710 million and 1.15 billion barrels, supported by rich source rocks and nearby commercial discoveries.
Additionally, Walcot has acquired a 10% stake in Block KON 13 in the Kwanza Onshore Basin, operated by Oando Energy Resources, with prospective resources ranging from 770 million to 1.1 billion barrels. This deal is seen as a strategic partnership that will enhance Angola’s upstream ambitions, as the country aims to maintain oil production at 1.1 million barrels per day through 2027 and eventually double it.
The signing ceremony was attended 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, highlighting the strengthening economic ties between Nigeria and Angola. Walcot’s expansion into Angola is part of its broader mission to unlock Africa’s energy potential using sustainable practices and drive economic growth across the continent.