Walcot Inks Landmark Deal With Angola’s ANPG for Oil Block

In a move that underscores Nigeria’s growing footprint in Africa’s energy sector, Walcot Limited has signed a landmark Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG) for Block CON 3, following its successful bid for three oil blocks in Angola.

The signing ceremony, which took place on Monday, April 7, 2025, in Luanda, was led by Walcot Group’s Founder and Group President, Agaba-Idu, Christopher Nwabueze Ezea II, Eze Edem, while Mr. Alcides Andrade, Executive Administrator of ANPG, signed on behalf of the Angolan agency.

The agreement grants Walcot Limited operatorship and 100% participating interest in two of the awarded blocks — Block CON 3 and Block CON 7, both situated in Angola’s hydrocarbon-rich Lower Congo Basin — as well as a minority stake in Block KON 13, located in the prolific Kwanza Onshore Basin.

Block CON 3, the centerpiece of the agreement, spans 723.37 km² in the northeastern section of the Lower Congo Basin. Extensive geophysical re-evaluations have revealed promising structures with prospective resources estimated at 1.25 billion barrels of oil, encompassing both Pre-salt and Post-salt plays. The block is underpinned by well-established petroleum systems including the Bucomazi, Pinda, Iabe, and Landana formations.

In Block CON 7, which covers 744.77 km², Walcot also holds a 100% interest. The block exhibits significant hydrocarbon potential, with resource estimates ranging from 710 million to 1.15 billion barrels, driven by robust source rock profiles and favorable structural leads.

Speaking after the ceremony, Walcot’s President, Christopher Ezea, described the deal as “a significant advancement” in the company’s pan-African growth strategy.

“Securing these blocks marks a strategic leap in our journey to establish a formidable presence in Africa’s most promising basins,” Ezea said. “We extend our appreciation to the Government of Angola and ANPG for their confidence in our vision and capability. We are fully committed to deploying our technical depth and operational excellence to unlock value, not just for our shareholders but also for Angola and the broader region.”