Walcot Limited secures three major oil blocks in Angola

Walcot Limited, a leading independent energy company, has taken a bold step into Angola’s oil and gas sector by signing a Production Sharing Contract (PSC) with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG)in Luanda.

The contract, signed by Walcot’s President/CEO, Agaba-Idu, Christopher Nwabueze Ezea II, Eze Edem, and ANPG’s Executive Administrator, Mr. Alcides Andrade, marks a significant milestone in our mission to drive energy innovation across Africa.

The event was graced by Her Excellency Rebekkah Galadima, Acting Ambassador of the Nigerian Embassy in Luanda, who highlighted the strengthening of ties between Nigeria and Angola.

This PSC follows the award of three high-potential oil blocks in Angola’s Lower Congo and Kwanza Basins through a competitive international bidding round:

Block CON 3 (Lower Congo Basin, 723.37 km²): Walcot operates with a 100% interest. With estimated prospective resources of 1.25 billion barrels of oil, this block shows promising hydrocarbon potential at Pre-salt and Post-salt levels, supported by rich source rocks like the Bucomazi and Pinda formations.

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Block CON 7 (Lower Congo Basin, 744.77 km²): Also operated by Walcot with a 100% interest, this block holds 710 million to 1.15 billion barrels of prospective oil resources, with favorable geological structures and a history of commercial discoveries nearby

“This is a transformative step for Walcot as we establish a strong presence in one of Africa’s most prolific basins,” said Christopher Ezea. “We are honored by the trust of the Angolan Government and ANPG, and we’re committed to unlocking the full potential of these assets to drive national growth and regional energy security.”

The Lower Congo and Kwanza Basins are renowned for their rich petroleum systems, and Walcot is poised to leverage its technical expertise and sustainable practices to maximize value. This move aligns with Angola’s ambition to sustain 1.1 million barrels per day through 2027 and reach 2 million barrels in the long term, supported by its six-year licensing strategy.