Nigerian conglomerate Walcot Group has signed a production sharing contract with Angola’s national concessionaire the National Agency for Petroleum, Gas and Biofuels (ANPG) for three onshore oil blocks.

The agreement was formalized on April 7, granting Walcot full operatorship of Blocks CON 3 and CON 7 in the Lower Congo Basin. The blocks hold a combined prospective resource base of over 2 billion barrels of oil.

In addition, the company acquired a 10% stake in Block KON 13, located in the Kwanza Onshore Basin. The Block is operated by Nigerian oil and gas company Oando Energy Resources.

In January 2025, Walcot Group submitted nine proposals for five blocks in the Kwanza Onshore Basin, including KON 1, KON 3, KON 7, KON 10 and KON 14. The selection was based on evaluations of financial and technical capacity, as well as suitability.