Nigerian energy giant Walcot Limited has sealed a landmark Production Sharing Contract with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG), unlocking access to over 3 billion barrels in oil reserves across Angola’s most lucrative basins.
The deal grants Walcot full operatorship of Blocks CON 3 and CON 7 in the Lower Congo Basin, and a 10% stake in Block KON 13 in the Kwanza Onshore Basin, operated by Oando Energy Resources.
“This is a transformative moment,” declared Christopher Nwabueze Ezea II, Walcot’s Founder and Group President. “We’re not just exploring oil—we’re reshaping Africa’s energy map.”
Block CON 3 alone covers 723.37 km² and is estimated to hold 1.25 billion barrels, while Block CON 7 is projected to contain up to 1.15 billion barrels. The deal positions Walcot as a powerful new player in Africa’s upstream oil space.
Angola, Africa’s second-largest oil producer, aims to maintain daily output of 1.1 million barrels through 2027, with hopes of eventually doubling that figure. Walcot’s strategic entry is widely seen as a vital boost toward that goal.
Source: Vanguard Nigeria
