Our History
One thing is clear, from inception, they recognized the transformational power of energy hence our clearly articulated mission to be the leading energy solutions provider and our tagline, 'Energy to Inspire'.
1956
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.
1976
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".
1991
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.
1992
The company was quoted on the Nigerian Stock Exchange (NSE).
1994
Ocean and Oil Services limited was founded to supply and trade petroleum products within Nigera and worldwide.
2000
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.
2002
The company bid for and acquired 60% in the equity of Agip Nigeria PLC from Agip Petroli International.
2003
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.
2004
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.
2005
Oando became the first African company to achieve a cross-border inward listing on the JSE. Oando Energy Services was incorporated.
2007
Gaslink laid 100km gas distribution pipeline in Lagos. OES acquired 2 drilling rig.
2008
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.
2009
2 swamp rigs acquired; bringing the total rig count to 5. Gaslink phase 3 gas pipeline completed.
2010
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.
2011
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.
2012
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).
2013
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.
2014
Oando acquired ConocoPhillips Nigerian business for $1.8 billion. $250 million sale of EHGC. OER successfully completed $50 million private placement.
2015
$250 million successful Rights Issue. Oando reached agreement to divest 60% of downstream business to Helios Vitol consortium for $461 million.
2016
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.
2017
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.
2018
Oando Commissions State-of-the-Art Head Office, The Wings Office Complex. Oando completed 100% divestment of its midstream business to Axxela Limited.
2019
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.
2021
Oando Energy Resources launches its renewable energy subsidiary, Oando Clean Energy.
2023
Oando Clean Energy in collaboration with Lagos State and LAMATA launches the Proof of Concept for electric mass transit buses in Lagos State.
2024
Oando acquired 100% of Eni's stake in OMLs 60-63.
Thus, 68 years later, we see ourselves as an integral thread in the fabric of society, and propellers of a new generation of visionaries. We are proud of our many firsts and successes but even more excited by a future where we know we can and will do so much more. Our founders continue to lead with passion and audacity, their vision has inspired an army of believers (the #HumansofOando) who will ensure Oando remains the energy to inspire.
6 Decades of Breaking Boundaries
