Nigerian energy firm, Walcot Group, has signed a Memorandum of Understanding (MoU) with Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG), marking a significant step towards deeper bilateral trade and cooperation in the oil and gas sector.
The announcement was made by Walcot’s Managing Director, Suleman Mohammed, in a statement issued in Abuja. He confirmed that the agreement is based on a Production Sharing Contract (PSC) following Walcot’s successful bid for three oil blocks during a competitive international licensing round.
Mohammed noted that the agreement would enhance trade relations between Nigeria and Angola, while also expanding Walcot’s operational footprint across some of Africa’s most promising energy basins.
The MoU was formally signed in Luanda by Walcot Group’s Founder and President, Christopher Nwuabueze, and ANPG’s Executive Administrator, Alcides Andrade.
Describing the deal as a transformative milestone for the company, Nwuabueze stated, “As we deepen our presence in Africa’s energy landscape, 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.”
Under the agreement, Walcot Group will assume full operatorship and a 100 per cent participation interest in Block CON-3 and Block CON-7, located in Angola’s Lower Congo Basin. Block CON-3 spans 723.37 square kilometres, with estimated prospective oil resources of 1.25 billion barrels, featuring both Pre-salt and Post-salt structures. Block CON-7 covers 744.77 square kilometres, with prospective resources estimated between 710 million and 1.15 billion barrels, supported by rich source rocks and nearby commercial oil discoveries.
Additionally, Walcot will take a 10 per cent stake in Block KON-13, located in the Kwanza Onshore Basin, alongside operators Sonangol, Effimax Energy, and Oando Energy Resources. This block holds prospective resources ranging from 770 million to 1.1 billion barrels.
Nwuabueze highlighted Angola’s aim to maintain oil production at 1.1 million barrels per day by 2027, with ambitions to double that output over time. He added that the partnership with Walcot was viewed by ANPG as a strategic move to bolster its upstream operations.
“The Lower Congo and Kwanza Basins, known for their prolific geology, offer Walcot a prime opportunity to apply its technical expertise and sustainable practices. This will align with the company’s broader goal of fostering economic growth across the continent,” he said.
Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima, was among the dignitaries who attended the signing ceremony, which was designed to further strengthen economic ties between the two nations.
