In 2011, Neconde Energy Limited (NEL) acquired 45% interest in OML 42 from Shell (30%), Total Exploration and Production Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%). Neconde is currently in Joint Venture operations with NPDC (Nigerian Petroleum Development Company) in OML 42. NPDC holds 55% interest in OML 42 on behalf on the Federal Government of Nigeria.
OML 42 is an 814 square kilometer lease originally awarded in 1962. Initial production commenced in 1969 and aggregate production from the 5 fields discovered within OML 42 reached a peak of approximately 250,000 barrels of oil equivalent per day (“boe/d”) in the 1970’s. Production, which was primarily oil, continued until the first part of 2005 when the producing fields were shut-in due to security issues in the Niger Delta area. Production at the time of the shut-in was more than 50,000 barrels of oil per day (“bopd”) and more than 80 million cubic feet per day (“MMcf/d”) of natural gas. The shut-in continued until 2009 when Shell commenced re-entry works in the fields and successfully recommenced production operations in Batan field by the time of the divestment in November 2011.
Neconde, in joint operations with NPDC through the OML-42 Asset Management Team, has recorded significant improvements in the production of oil and gas from the Asset. Oil production has increased from 10,000 BOPD from Batan field at the time of acquisition in 2012 to about 80,000 BOPD from Batan, Odidi and Jones Creek fields at the end of Q1-2018. Gas, which was all being flared in 2011, now has the potential to be delivered to the national Domestic Gas Supply network at 80 MMscf/d by July 2018 with the commissioning of the gas processing facility at Odidi.
The mission of Neconde is to become the best Oil and Gas Company in the eyes of our customers, employees, shareholders and stakeholders.
To be recognized as one of the leading Energy Companies in the world. Being a leader means we will achieve profitable growth through innovation, quality, operational excellence and commitment