Luanda, Angola — Walcot Limited, a leading independent energy company, is pleased to announce the signing of a Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG), following the award of three oil blocks through a competitive international bidding round.
The contract was formally signed on Monday, April 7, 2025, in Luanda, Angola. Signing on behalf of Walcot Limited was Agaba-Idu, Christopher Nwabueze Ezea II, Eze Edem, founder and President/CEO, while Mr. Alcides Andrade, Executive Administrator of ANPG, signed on behalf of the Agency. The ceremony was witnessed by S. B. Mohammed, Managing Director, and Mr. Nnabuihe Nnamani, Executive Director of Walcot Limited, as well as Her Excellency, Rebekkah Galadima, Acting Ambassador of the Nigerian Embassy in Luanda, underscoring the growing commercial ties between both nations.
This milestone marks Walcot’s strategic entry into the Angolan Oil and Gas sector, with interests in three blocks:
- Block CON 3 – located in the northeast section of the Lower Congo Basin and spans 723.37 km². Walcot is the operator of the block and holds a 100% participating interest.
A comprehensive reinterpretation of existing geological and geophysical data has identified multiple structures with hydrocarbon potential at both Pre-salt and Post-salt levels. Prospective resources are estimated at 1.25 billion barrels of oil. The block features rich source rocks across several formations, including the Bucomazi (Pre-salt), Pinda (Post-salt), and the Iabe and Landana formations in the Upper Cretaceous and Eocene, offering excellent exploration potential.
- Block CON 7– situated in the central-eastern portion of the Lower Congo Basin and covers 744.77 km². Walcot is also the operator of the block and holds a 100% participating interest.
Subsurface evaluations have identified several promising structural leads with potential hydrocarbon accumulations at both Pre-salt and Post-salt levels. Estimated prospective resources range from 710 million to 1.15 billion barrels of oil. As with CON 3, the block benefits from favorable source rock development, supported by a history of commercial discoveries in adjacent regions of the basin.
- Block KON 13– located in the prolific Kwanza Onshore Basin, covering an area of 1,010.73 km². Walcot Limited holds a 10% participating interest in the block, which is being operated by Oando Energy Resources (45%), alongside Effimax (30%) and the Angolan National Oil Company, SONANGOL (15%).
Two exploration wells have been drilled on the block to a depth of 3,000 meters, with oil and gas shows recorded across multiple intervals. Estimated prospective resources range between 770 million and 1.1 billion barrels of oil.
Commenting on the signing, Christopher Ezea, said, “Securing these blocks marks a significant advancement in our strategy to establish a robust presence in Africa’s high-potential basins. We are grateful to the Government of Angola and the ANPG for their trust and confidence in our capabilities. As we begin this journey, we are eager to leverage our full technical and operational expertise to create value for all stakeholders. Our commitment is to unlock the full potential of these assets, contributing to both national growth and regional energy security.”
The Lower Congo and Kwanza Basins are historically rich petroleum provinces with proven source rocks, such as the Bucomazi and Pinda Formations, which are known for their excellent generation potential. Walcot’s participation reflects its commitment to applying rigorous technical expertise, responsible exploration practices, and strategic investment to deliver long-term value.
The awards come at a pivotal time in Angola’s upstream sector, as the country seeks to sustain production of 1.1 million barrels per day through 2027, with an ambition to reach 2 million barrels per day over the long term. Through its six-year licensing strategy, the Government is opening up new acreage to attract fresh investment and rejuvenate national production.
Walcot’s entry into Angola aligns with its broader mission to build a diversified portfolio of high-impact exploration and development assets across Africa. The company is committed to delivering energy in a responsible and sustainable manner, while supporting local economies and fostering long-term partnerships.
About Walcot Limited
Walcot Limited is a Nigerian-led energy company focused on the exploration, development, and production of upstream oil and gas assets across Africa. With a commitment to innovation, operational excellence, and responsible resource management, they aim to deliver sustainable value while contributing to the continent’s long-term energy security and economic growth.
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Phone: +234 (0) 209 291 3415