- OML42 (Operator, with 45% WI)
Neconde was incorporated in 2010 as an independent, special purpose vehicle SPV for the acquisition and development of petroleum assets.
In 2011, the company won the bid for the acquisition of 45% stake in OML42 previously operated by the IOC’s in partnership with NNPC. The company won the bid at USD585 million financed by a consortium of local and international financiers.
After acquiring the 45% stake in OML42 the company was awarded operator-ship of the block in joint-venture with NPDC (55%). The fields located in the gas-rich block include; Odidi Field, Jones Creek, Batan Field, Egwa Field. NPDC, a subsidiary of NNPC, however operated the asset between 2011 and April 2015. In May 2015, Neconde took over as the operator of the asset on behalf of the Neconde/NPDC Joint Venture.
Nestoil Plc is run by oil magnate Ernest Azudialu-Obiejesi, the CEO & Group Managing Director of Obijackson Group who holds the majority stake in Neconde.
For more information about this company, please visit: https://www.neconde.com.ng/