In late March 2018, local media reported that NestOil Ltd intended to sell part of its 80% equity in the Neconde Special Purpose Vehicle (SPV). Consequently, NestOil is understood to farm-down in its partnership with Neconde Energy Ltd (Neconde) in the onshore OML 42 producing permit, located in the western Niger Delta.  To date, Neconde Energy Ltd operates OML 42 with 45% while NNPC is the majority partner holding 55% working interest. Neconde Energy Ltd is formed by NestOil Ltd (80%) and minor partners Kulczyk Oil Ventures, Aries Energy & Petroleum Co Ltd and VP Global Ltd.  OML 42 covers 814 sq km in the swamp area of the western Niger Delta. The oil export capacity of the tract is very dependent of the extensive production and export infrastructure connected to the Forcados Terminal. As a result, the oil production rates from OML 42 has always been fluctuant, ranging from less than 6,000 bo/d during civil unrest periods (2016) to almost 30,000 bo/d when all installations are operational (2017).  As of early 2018, three fields were producing from OML 42, three other were shut-in and four were not yet developed. Out of the 2.2 Bbo of 2P discovered recoverable reserves in the block, 1.3 Bbo has been produced to date, with a remaining volume of 860 MMbo.   Contact details:  Neconde Lagos Office  +234 (1) 7000 500  info@neconde.com.ng Â   Background Information  In December 2011, Neconde took over Shellâs operatorship of OML 42, buying a 45% interest in the permit, representing Shellâs 30%, Totalâs 10% and ENIâs 5%. Kulczyk Investments helped to finance this USD 585 million bid for the acreage.  Â   Â   Â 
In late March 2018, local media reported that NestOil Ltd intended to sell part of its 80% equity in the Neconde Special Purpose Vehicle (SPV). Consequently, NestOil is understood to farm-down in its partnership with Neconde Energy Ltd (Neconde) in the onshore OML 42 producing permit, located in the western Niger Delta. 