By Walcot Limited has inked a landmark Production Sharing Contract (PSC) with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) for Block CON 3, following its successful bid for three oil blocks in the country.
The deal was sealed at a signing ceremony in Luanda, with Walcot Group president Christopher Nwabueze Ezea II and ANPG’s executive administrator Alcides Andrade signing on behalf of their respective parties.
Notable attendees included Walcot’s managing director S.B. Mohammed, executive director Nnabuihe Nnamani, and Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima, underscoring growing Nigeria-Angola ties.
Under the agreement, Walcot gains full operatorship and 100% interest in Blocks CON 3 and CON 7, located in the Lower Congo Basin, and a 10% stake in Block KON 13 in the Kwanza Onshore Basin.
Block CON 3 spans 723.37 km² and holds estimated prospective resources of 1.25 billion barrels of oil, underpinned by robust Pre-salt and Post-salt geological systems including Bucomazi, Pinda, Iabe, and Landana formations.
Block CON 7, covering 744.77 km², also presents promising resource estimates of 710 million to 1.15 billion barrels. In Block KON 13, Walcot joins Oando, Effimax, and SONANGOL with a minority stake in a block already showing substantial oil and gas potential.
Calling the agreement “a significant advancement,” Walcot president Ezea said, “This marks a strategic leap in our journey to establish a formidable presence in Africa’s most promising basins… We are committed to unlocking value for Angola, our shareholders, and the region.
