Poland-based Kulczyk Oil Ventures (KOV) has joined the Neconde Energy consortium, pursuant to which Neconde will acquire a 45% participating interest in oil mining license (OML) 42 in Nigeria.
The remaining 55% participating interest in OML 42 is held by the Nigerian National Petroleum Company (NNPC).
Neconde entered into an agreement for assignment (AFA) and various ancillary agreements with the Shell Petroleum Development Company of Nigeria, Total E&P (Nigeria) and Nigerian Agip Oil Company.
The completion under the AFA is subject certain regulatory and ministerial approvals, including approval from NNPC and entry by Neconde and NNPC into a new joint operating agreement.
Neconde is made up of subsidiaries of KOV and Kulczyk Investments.
KOV would be Neconde consortium’s technical partner and would hold 20% of Neconde’s ordinary issued equity.