A Nigerian-energy company, Walcot Group and Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG) have signed a Memorandum of Understanding (MoU) on Production Sharing Contract (PSC) to bolster Nigeria-Angola bilateral cooperation.
The Managing-Director of Walcot Group, Suleman Mohammed disclosed this in a statement on Sunday in Abuja.
He said that the MoU would boost trade relations between the two countries in the oil and gas sector.
He said the agreement resulted from the company’s successful bid for three oil blocks within a competitive international licensing round.
Mohammed said the step would expand the organisation’s footprint across Africa’s high-potential energy basins.
He said that the agreement was signed in Luanda by the Founder and President of Walcot Group, Christopher Nwuabueze and the ANPG’s Executive Administrator, Alcides Andrade.
Nwabueze described the move as a transformative moment for Walcot Group, “as we deepen our presence in Africa’s energy landscape.
“We are excited to partner Angola’s government and the ANPG, to unlock the potential of these blocks, driving value for stakeholders and supporting regional energy security.
“The PSC entails Walcot Group will secure full operator-ship of Block CON-3 and Block CON-7 in the Lower Congo Basins with 100 per cent participation interest in both blocks.
“CON-3 spanned 723.37 km² with estimated prospective oil resources of 1.25 billion barrels, featuring Pre-salt and Post-salt structures.
“CON-7 covered 744.77 km² with estimated prospective oil resources that range from 710 million to 1.15 billion barrels, supported by rich source rocks and nearby commercial discoveries.”
Nwabueze added that for block KON-13, Walcot Group would take a 10 per cent stake in the Kwanza Onshore Basin.
“This is alongside Angola National Oil Company Sonangol, Effimax Energy and Oando Energy Resources as operators with prospective resources ranging from 770 million to 1.1 billion barrels,” he said.
The Walcot boss said that Angola aimed to maintain its oil output at 1.1 million barrels per day by 2027 and double it in the long term.
He added that ANPG viewed Walcot partnership as a boost to its upstream ambitions.
“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.
The event attended by Nigeria’s Acting Ambassador to Angola, Rebekkah Galadima, among others, was designed to strengthen Nigeria-Angola economic ties.
