Timeline of Events
Neconde was incorporated as an independent oil and gas company in Nigeria. We functioned as a special purpose vehicle for the acquisition and development of petroleum assets.
We were successful in the bid for the acquisition of a 45% stake in OML 42 located in the Niger Delta. The oil mining license was held by Neconde Petroleum Development Company Limited, Total Exploration and Production Nigeria Limited, and Nigeria Agip Oil Company Limited (the “JV”) with a bid sum of USD 585 million to the JV which constituted the sellers.
Notably, we were awarded the operator of the OML 42 asset on behalf of the Neconde/NPDC Joint Venture. The results included the opportunities to utilize associated gas produced for electricity supply to the Niger Delta with subsequent benefits, and to promote significant socioeconomic development in the region.