Neconde Energy

What Neconde Energy does

Neconde Energy Limited is an indigenous Nigerian upstream oil and gas company incorporated in November 2010 as a special-purpose vehicle to acquire and operate petroleum assets. Its single material asset is a 45% interest in Oil Mining Lease (OML) 42 in the onshore West Delta / Niger Delta, with NPDC (a subsidiary of NNPC) holding the remaining 55% and Neconde serving as operator of the joint venture since May 2015. OML 42 covers 814 km² with 7 producing fields (Egwa, Batan, Ajuju, Odidi, Jones Creek, plus others) and 5 undeveloped discoveries; combined flow-station capacity is 345,000 bpd of liquids against 2P reserves of ~600 MMboe and 3.8–6 TCF of gas resources.

The technology stack centers on integrated upstream-to-midstream operations: Neconde reactivated shut-in fields (Odidi, Jones Creek, Egwa) through a rehabilitation program reopening ~80 wells, built a Gas Central Processing Facility at Odidi delivering 80+ MMscf/day, constructed over 300 km of pipeline across dry land, seasonal swamp, and pure swamp Niger Delta terrain, and developed an independent barging evacuation route to the Ugo Ocha Export Terminal as an alternative to the sabotage-prone Trans-Forcados Pipeline. Production stands at ~50,000 bopd (May 2025), with a stated ramp target toward 70,000–100,000 bopd.

Neconde sells equity crude under long-term agreements primarily to Glencore Energy (UK) Limited for export, and delivers processed gas to the domestic market through the Nigeria Gas Marketing Company via the Escravos-Lagos Pipeline System. The company is controlled by Dr. Ernest Azudialu-Obiejesi through the Obijackson Group (parent: Nestoil Limited), which supplies EPCC, fabrication, dredging, and pipeline construction services internally. The company refinanced US$640 million of senior secured debt in June 2019 via a 7-lender consortium; subsequently it has been engaged in litigation with another lender group leading to a Federal High Court receivership episode in 2025, which the Supreme Court set aside in June 2026, restoring Neconde's control of assets and operations.

Name

Neconde Energy

Legal name

Neconde Energy Limited

Website

https://neconde.com.ng

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Short description

Neconde Energy Limited is a Nigerian upstream oil and gas company that operates the 45% Neconde / 55% NPDC joint venture on OML 42 in the Niger Delta, producing crude oil (~50,000 bopd) for export and natural gas (80+ MMscf/day) for the domestic market, with vertical integration through parent Obijackson/Nestoil Group.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Crude Petroleum Extraction (21112), Industrial Gas Manufacturing (32512)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA)

akta.pro secondary industry

Sulfur & Acid Gas Feedstocks (Sulfur, Sulfuric Acid, Mercaptans) (EUALAHAH)

Keywords

• Upstream oil production
• Natural gas commercialization
• Petroleum asset development
• Crude oil evacuation
• Oil mining lease operations

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Crude Oil Production and Sales: Neconde produces crude oil from OML 42 joint venture (45% Neconde / 55% NPDC) at approximately 50,000 bopd. Crude oil is sold to offtakers such as Glencore Energy (UK) Limited. Evacuation is via the Trans-Forcados Pipeline or the alternative barging route to Ugo Ocha Export Terminal.
2. Natural Gas Production and Sales: Neconde delivers natural gas (associated and non-associated) to the domestic market through the Nigeria Gas Marketing Company. Production from the Odidi Gas Processing Facility exceeds 80 MMscf/day. The company aims to commercialize flared gas and achieve zero gas flaring.
3. Subsidiary Services (Nestoil EPCC, etc.): Neconde's parent group (Obijackson Group / Nestoil Group) provides Engineering, Procurement, Construction and Commissioning (EPCC) services including pipeline construction, fabrication, dredging, and civil works through subsidiary companies, generating revenue across the oil and gas value chain.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Neconde Energy Limited explores, develops, and produces crude oil and natural gas from Oil Mining Lease (OML) 42, an 814 km2 onshore West Delta asset held under a 45% Neconde / 55% NPDC joint venture. The company operates seven flow stations with combined capacity of 345,000 barrels of liquid per day, produces approximately 50,000 bopd of crude oil, and delivers over 80 MMscf/day of processed gas to Nigeria's domestic market via its Odidi Gas Central Processing Facility and the Escravos-Lagos Pipeline System.

Product overview

Neconde Energy is an integrated energy company operating across upstream, midstream, and downstream sectors of the Nigerian oil and gas industry. The core product is the OML 42 asset (45% Neconde : 55% NPDC joint venture) comprising 7 producing fields with crude oil production capability of 345,000 bpd combined capacity and approximately 3.8-6 TCF of gas reserves. Key products include crude oil production, natural gas production/commercialization (delivering up to 80 MMscf/d to domestic market), and LPG production/storage/distribution. The company operates through several subsidiary brands including Nestoil (EPCC services), Impact OM Engineering (O&M services), B&Q Dredging, EWT Energy Works, and Hammakopp Consortium Limited. The company also offers pipeline construction, barge-based crude evacuation solutions, and gas processing through its Central Processing Facility.

Differentiator

Problem solved

Functional benefit

Products and services

• OML 42 Asset Operations Development and operation of Oil Mining Lease 42, an 814 km2 onshore West Delta asset with 7 producing fields and 5 undeveloped discoveries. The Neconde/NPDC joint venture operates 7 flow stations with combined capacity of 345,000 barrels of liquid per day and 600 MMboe of 2P reserves.
• Crude Oil Production Extraction and production of crude oil from OML 42 fields including Odidi, Jones Creek, Egwa, Batan, Ajuju and others, with liquids transported via the Trans-Forcados Pipeline or via alternative barging to the Ugo Ocha Export Terminal for sale to international offtakers such as Glencore Energy.
• Natural Gas Production and Commercialization Production of associated gas and non-associated gas (3.8-6 TCF reserves) processed at the Odidi Gas Central Processing Facility and delivered at over 80 MMscf/day to Nigeria's domestic market via the Escravos-Lagos Pipeline System for power generation, industrial, commercial, and residential use.

Quantifiable outcome

• Increased oil production from under 20,000 bopd to 50,000 bopd through field rehabilitation
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Nigeria Gas Marketing Company (NGMC)coreStrategic or Co-development Partner · 5 April 2018Neconde and NPDC JV began delivering processed natural gas to the domestic market through the Nigeria Gas Marketing Company via the Escravos-Lagos Pipeline System. Neconde's Odidi Gas Processing Facility delivers over 80 MMscf/day to NGMC for distribution to domestic consumers.
• Nigerian Petroleum Development Company (NPDC)coreStrategic or Co-development Partner · 1 January 2011Neconde entered a Joint Venture partnership with NPDC (a subsidiary of NNPC) for the development of OML 42. Neconde holds 45% interest while NPDC holds 55%. The JV rehabilitated shut-in fields Odidi, Jones Creek, and Egwa, reopening approximately 80 wells for production. The JV produces crude oil (~50,000 bopd) and gas (~80+ MMscf/day) from OML 42.
• Nestoil Limited (Obijackson Group)coreStrategic or Co-development PartnerNeconde is a subsidiary of the Nestoil Group (Obijackson Group of Companies). Nestoil is the flagship EPCC company providing pipeline construction, fabrication, dredging, and civil works services. Neconde leverages Nestoil's infrastructure capabilities across its operations.

Scale indicators8 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Sahara Group: Sahara Group is a Nigerian energy conglomerate with interests spanning upstream (Sahara Energy Resources), gas (Asiko Energy), power, and downstream marketing. Comparable to Neconde's vertically integrated approach, though broader in scope across the energy value chain.
• NNPC Limited (Nigerian National Petroleum Company): NNPC is Nigeria's national oil company and the parent of NPDC, which holds the 55% majority stake in OML 42 alongside Neconde. As JV partner, regulator, and upstream operator in its own right, NNPC shapes Neconde's operating environment and competitive dynamics across Nigerian E&P.

Direct peers

• Seplat Energy: Seplat Energy is a leading Nigerian independent upstream oil and gas producer operating onshore Niger Delta assets via joint ventures with NNPC/NPDC. It is the most direct peer to Neconde, with overlapping customer base (domestic and international offtakers), comparable production scale, and identical regulatory environment.
• Eroton Exploration and Production Company: Eroton operates OML 18 in the Niger Delta (formerly a Shell asset), with a similar asset-rehabilitation play to Neconde. It is a direct peer as an indigenous upstream operator in the same basin, addressing similar operational and evacuation challenges.
• Oando Energy Resources: Oando is a Nigerian integrated energy company with upstream E&P operations in the Niger Delta (via OML 56/125 and other assets) and downstream/marketing arms. Like Neconde, it is an indigenous operator with JV structures and a focus on domestic gas commercialization.
• ND Western Limited: ND Western is a Nigerian independent upstream operator holding interests in OML 34 and other Niger Delta assets, with NNPC as JV partner. It directly competes with Neconde in rehabilitating and producing from mature onshore fields and shares the same operational challenges.
• Amni International Petroleum Development: Amni is a Nigerian independent upstream producer operating OMLs 112, 117, 52, and 53 offshore and onshore Niger Delta. It is comparable to Neconde as an indigenous E&P with both oil and gas commercialization, and similar JV/customer structures.
• First Exploration & Petroleum Development Company: First E&P is a NNPC subsidiary operating OMLs 83 and 85 in the Niger Delta, focused on upstream development and gas commercialization. It is comparable to Neconde in scale and JV-driven operating model, though with a state-owned controlling shareholder.
• Waltersmith Petroman Oil & Gas: Waltersmith is an indigenous Nigerian E&P company operating the Ibigwe field and modular refinery, focused on marginal field development in the Niger Delta. It is comparable to Neconde as a Nigerian independent producer pursuing integrated upstream-to-midstream strategies.

Emerging players

• Falcon Petroleum Limited: Falcon is a smaller Nigerian-focused independent E&P pursuing marginal field development and JV partnerships. It is comparable to Neconde as an emerging indigenous operator in the Niger Delta with overlapping asset acquisition strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NecondeEnergy
• Facebookfacebook.com/NecondeEnergy
• LinkedInlinkedin.com/company/neconde-energy-limited
• Instagraminstagram.com/necondeenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neconde Energy