- Walcot Group signs production sharing contract with Angola’s petroleum agency for three oil blocks with combined potential resources of up to 3.5 billion barrels.
- The deal grants Walcot full operatorship of two blocks in the Lower Congo Basin and a 10% stake in a third block, marking significant African expansion.
Walcot Group has strengthened its position across Africa’s energy sector by securing rights to three promising oil blocks in Angola following a successful international bidding round.
Walcot signed a production-sharing contract last week in Luanda with the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG). The deal gives Walcot complete control and a 100% stake in Block CON 3 and Block CON 7, which are located in Angola’s resource-rich Lower Congo Basin.
Walcot’s Founder and President, Christopher Ezea, signed the agreement with ANPG’s Executive Administrator, Alcides Andrade. The signing occurred at a ceremony attended by important officials, including Walcot’s Managing Director, S.B. Mohammed, Executive Director, Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima.
“This is a transformative moment for Walcot as we deepen our presence in Africa’s energy landscape,” Ezea stated at the signing. “We are excited to partner with Angola’s government and ANPG to unlock the potential of these blocks, driving value for stakeholders and supporting regional energy security.“
The acquisition gives Walcot access to substantial resources. Block CON 3 spans 723.37 km² with an estimated 1.25 billion barrels of prospective oil resources, featuring promising pre-salt and post-salt structures. Block CON 7 covers 744.77 km² with potential resources between 710 million and 1.15 billion barrels, supported by rich source rocks and proximity to commercial discoveries.
Additionally, Walcot secured a 10% stake in Block KON 13 in the Kwanza Onshore Basin, partnering with Angola National Oil Company Sonangol, Effimax Energy, and operator Oando Energy Resources. This block holds prospective resources estimated between 770 million and 1.1 billion barrels.
The deal aligns with Angola’s ambitions to maintain oil production at 1.1 million barrels per day through 2027 while working toward doubling output in the long term. For Walcot, the agreement represents a critical step in expanding its footprint across Africa’s high-potential energy basins, applying technical expertise while supporting regional economic growth.