Neconde Started Operations Officially in December 2011.
The Company currently is in a joint venture with NPDC (Nigerian Petroleum Development Company) on OML 42. This Oil Property was acquired from SPDC(Shell Petroleum Development Company) in November 2011 as a result of the Local Content Act signed into law in April 2010.
OML 42 is a 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 current production from OML 42 is approximately 10,000 bopd and the partners are working diligently to increase this production. On OML 42, there are 5 fields and numerous wells. Some of the fields located in OML42 include; Odidi Field, Jones Creek, Batan Field ,Egwa Field and associated facilities.
We strive to be the best Global Energy Company in the eyes of our customers, employees and shareholders.
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