Nigeria’s Walcot signs PSC for Block CON 3 in Angola

LUANDA, April 14, 2025 – Nigerian company Walcot Group and Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) have signed a production-sharing contract for Block CON 3, which follows the company being awarded three blocks in Angola, Walcot disclosed on Sunday.

The ANPG awarded Walcot with full operatorship of blocks CON 3 and CON 7 in Angola’s Lower Congo Basin, with 100% participation interest in both blocks. Block CON 3 spans 723 square kilometres, with estimated prospective oil resources of 1.25 billion barrels, while CON 7 covers 745 square kilometres, with estimated prospective resources ranging from 710 million-1.15 billion barrels.

For Block KON 13 in the Kwanza Onshore Basin, Walcot will hold a 10% stake alongside operators Sonangol, Effimax Energy and Oando Energy Resources. This block has prospective resources estimated between 770 million and 1.1 billion barrels.

“This is a transformative moment for Walcot Group as we deepen our presence in Africa’s energy landscape,” Walcot Group founder and president Christopher Nwabueze Ezea II said. “We are excited to partner with Angola’s government and the ANPG to unlock the potential of these blocks, driving value for stakeholders and supporting regional energy security.”

The PSC follows Walcot’s successful bid for the blocks in a competitive international licensing round and aligns with Angola’s goal to maintain oil output at 1.1 million barrels per day by 2027, aiming to double production in the long term.

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