Our History

The company commenced business with operations as a petroleum marketing company in Nigeria under the name "ESSO West Africa Incorporated", a subsidiary of Exxon Corporation of the USA.

The Federal Government of Nigeria (FGN) bought Esso's interest and thus became sole owners of the company. The company was then re-branded "Unipetrol Nigeria Limited".

Unipetrol became a Public Limited Company and 60% of the company's shareholding was sold to the Nigerian Public under the first phase of the privatization exercise.

The company was quoted on the Nigerian Stock Exchange (NSE).

Ocean and Oil Services limited was founded to supply and trade petroleum products within Nigera and worldwide.

Unipetrol acquired 40% in the equity of Gaslink Nigeria Limited to utilize its exclusive Gas Sale and Purchase Agreement with Nigeria Gas Company, and later increased the stake to 51% in 2001. Ocean & Oil holdings acquired 30% controlling stake in Unipetrol through the purchase of the FGN's stake in the company. The company later increased its controlling stake to 42% in 2001.

The company bid for and acquired 60% in the equity of Agip Nigeria PLC from Agip Petroli International.

Unipetrol Nigeria PLC merged with Agip Nigeria PLC and were branded “Oando". Oando Marketing emerged as a Downstream Group with the largest footprint in Nigeria.

Oando Trading Limited and Oando Supply & Trading Limited was incorporated. Oando Gas & Power (OGP) emerged as a result of Gaslink's gas distribution franchise and Oando's customer base.

Oando became the first African company to achieve a cross-border inward listing on the JSE. Oando Energy Services was incorporated.

Gaslink laid 100km gas distribution pipeline in Lagos. OES acquired 2 drilling rig.

Oando emerged Nigeria's first indegenous oil company with interest in producing deepwater assets by the acquisition of 15% equity in OMLs 125 & 134. OES acquired an additional drilling rig.

2 swamp rigs acquired; bringing the total rig count to 5. Gaslink phase 3 gas pipeline completed.

OGP launched its first Independent Power Plant, Akute IPP, a 12.15MW power plant for Lagos Water Corporation. The company successfully completed a $140 million rights issue which was 128% oversubscribed.

Central Horizon Gas Company (CHGC) is awarded mandate for River State gas distribution. Completed construction and commissioned of the 128KM Eastern Horizon Gas Company (EHGC) Pipeline. FGN awards Oando/Agip consortium $3 billion Central Processing Facility.

The company completed the reverse takeover of Exile Resources to subsequently become Oando Energy Resources (OER), listed on the Toronto Stock Exchange (TSX). 40% farm-in to Qua Ibo (OML 13).

Commissioned 10.4 MW Alausa IPP to provide electricity to the Lagos state Government. $341 million successful Rights Issue, 101% subscribed. $200 million Private Placement to a consortium of private investors.

Oando acquired ConocoPhillips Nigerian business for $1.8 billion. $250 million sale of EHGC. OER successfully completed $50 million private placement.

$250 million successful Rights Issue. Oando reached agreement to divest 60% of downstream business to Helios Vitol consortium for $461 million.

Oando reached agreement to divest from its energy services business, midstream business and partially divested from the downstream business. Successfully restructured its balance sheet through a N108 billion syndicated medium term loan facility.

Oando PLC further divested 5% stake in midstream business to Helios Investment Partners. Oando PLC divested its stake in Alausa Power Limited to Elektron Petroleum and Energy Mining Limited. Oando completed 100% divestment of its downstream marketing business to OVH Energy. Completed restructuring of $40million facility, extending the tenor by a minimum of 30 months.

Oando Commissions State-of-the-Art Head Office, The Wings Office Complex. Oando completed 100% divestment of its midstream business to Axxela Limited.

Oando and its Joint Venture Partners NNPC and NAOC makes significant gas & condensates discovery onshore Niger Delta. Oando successfully signs two Gas Supply Agreements (GSA) with the Nigeria Liquefied Natural Gas Ltd (NLNG), for the renewal of gas supply for Trains 1-3 and Train 7. $425m Reserve Based Lending (RBL) refinancing with Afreixm.

Oando Energy Resources launches its renewable energy subsidiary, Oando Clean Energy.

Oando Clean Energy in collaboration with Lagos State and LAMATA launches the Proof of Concept for electric mass transit buses in Lagos State.

Oando acquired 100% of Eni's stake in OMLs 60-63.