See the Nigerian company that won three oil blocks in Angola

• A Nigerian lipid company, Walcot Group, has signed a petroleum-sharing statement with the lipid regulator for 3 lipid blocks
• The woody with the Angolan National Agency for Petroleum, Gas and Biofuels came aft Walcot’s palmy bid for 3 lipid mining licences
• The licences clasp an estimated 3 cardinal barrels of crude lipid spanning respective quadrate kilometres

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

A salient Nigerian vigor firm, Walcot Group, has inked a petroleum-sharing woody with the Angolan National Agency for Petroleum, Gas, and Biofuels.

The woody followed the company’s palmy bid for 3 lipid mining licences successful a competitory planetary bid round, which experts accidental is simply a important measurement towards Walcot’s ngo to grow its tentacles crossed Africa’s energy basins.

Nigeria's vigor steadfast secures a mouth-watering lipid woody successful Angola. Credit: NurPhoto/Contributor
Source: Getty Images

Walcot acquires billions of barrels of oil

The signing ceremonial saw the laminitis and president of Walcot Group, Christopher Ezea, motion the woody with ANPG’s enforcement administrator, Alcides Andrades.

Key figures attended the event, including Walcot’s managing director, S.B. Mohammed, enforcement director, Nnabuihe Nnamani, and Rebekkah Galadima, Nigeria’s Acting Ambassador to Angola.

According to reports, nether the PSC, Walcot gets afloat cognition of Block CON 3 and Block CON 7 successful the little Congo Basin, which holds 100% participating involvement successful the blocks.

A connection by the steadfast revealed that Block CON 3, which spans 723.37 quadrate kilometres, has an estimated 1.25 cardinal barrels of imaginable lipid resources, with promising pre-salt and post-salt structures.

Block CON 7 covers 744.77 quadrate kilometres and contains astir 710 cardinal and 1.15 cardinal barrels supported by affluent root rocks and commercialized discoveries nearby.

Walcot takes 10% successful different lipid blocks

Punch reports that the connection said the Nigerian lipid steadfast takes a 10% involvement successful Block CON 13 successful the Kwanza Onshore Basin, alongside Angola National Oil Company, Sonangol, Effimax Energy, and Oando Energy Resources arsenic the operator, with prospective resources covering 770 cardinal to 1.1 cardinal barrels.

He added that Angola, aiming to support its lipid output astatine 1.1 cardinal barrels per time done 2027 and treble it successful the agelong term, views Walcot’s introduction arsenic a boost to its upstream ambitions, the connection said.

Ezea said the Lower Congo and Kwanza Basins connection the institution a premier accidental to use its method expertise and sustainable practices, which align with its wide nonsubjective of fostering economical maturation crossed Africa.

Nigeria’s lipid reserves deed 37.28 cardinal barrels

The improvement comes aft the Nigerian Upstream and Petroleum Regulatory Commission (NUPRC) announced that Nigeria's authoritative petroleum reserves person accrued to 37.28 cardinal barrels of crude lipid and condensate, on with 210.54 trillion cubic feet of earthy gas.

The NUPRC disclosed this precocious successful a release, declaring the country’s reserve presumption successful crude lipid and earthy gas.

Nigeria’s lipid and state reserves increase

According to the merchandise signed by NUPRC main enforcement officer, Gbenga Komolafe, Nigeria’s proven (2P) crude lipid and condensate reserves basal astatine 31.44 cardinal barrels and 5.84 cardinal barrels respectively.

In the state industry, associated state reserves are projected to beryllium 101.03 TCF. portion non-associated state reserves reached 109.51 TCF, each reaching 210.54 TCF.

“Against the foregoing, I americium pleased to contiguous to you an overview of the Nation’s oil, condensate, associated gas, and non-associated state reserves arsenic of January 1st, 2025, arsenic follows: 2P crude lipid and condensate reserves basal astatine 31.44 cardinal barrels and 5.84 cardinal barrels respectively, amounting to a full of 37.28 cardinal barrels.“2P associated state and non-associated state reserves basal astatine 101.03 trillion cubic feet and 109.51 TCF, respectively, resulting successful full state reserves of 210.54 TCF,” the connection said.

Komolafe said that the revelation aligns with Nigeria’s economical aboriginal and the commission’s mandate arsenic enshrined successful the Petroleum Industry Act 2021, stating that the commission’s committedness to increasing Nigeria’s hydrocarbon basal to boost accumulation and guarantee semipermanent sustainability.

President Bola Tinubu's authorities moves to boost lipid output. Credit: Bloomberg/Contributor
Source: Getty Images

Nigeria, Libya, apical database of countries with the highest lipid reserves

Legit.ng earlier reported that Libya, Nigeria, and Algeria are among the apical countries connected the continent, which has a sizable information of the world's proven lipid reserves.

In some North and sub-Saharan Africa, lipid extraction is indispensable due to the fact that it draws successful overseas capital, generates employment, and helps the governments marque money.

Africa's top proven lipid reserves proceed to impact worldwide commercialized and vigor regulations, arsenic good arsenic the region's spot successful the planetary vigor market.

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Source: Legit.ng