… its gas and power projects critical drivers of the economy
The company commenced business in 1956 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 in 1976 and thus became the sole owner of the company. The company was then re-branded “Unipetrol Nigeria Limited” Unipetrol became a Public Limited Company in 1991 and 60% of the company’s shareholding was sold to the Nigerian Public under the first phase of the privatization exercise.
In February 1992, the company was quoted on the Nigerian Stock Exchange (NSE). In 2000 Unipetrol acquired 40% in the equity of Gaslink Nigeria Limited, a subsidiary of Oando plc 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 which now transited to be called Oando 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. In the same year, it also bided for and acquired 60% in the equity of Agip Nigeria Plc from Agip Petroli International
By 2003 Unipetrol Nigeria Plc Merged with Agip Nigeria Plc and was rebranded “Oando”. Also in that same year, Oando Marketing emerged as a downstream group with the largest footprint in Nigeria 2002 2004 2005
Oando Trading Limited and Oando Supply & Trading Limited were incorporated in 2004, while Oando Gas & Power (OGP) emerged as a result of Gaslink’s gas distribution franchise and Oando’s customer base
It is interesting to note that Oando was the first African company to achieve a cross-border inward listing on the Johannesburg Stock Exchange (JSE).
In 2008 Oando emerged as Nigeria’s first indigenous oil company with an interest in producing deepwater assets by the acquisition of 15% equity in OMLs 125 & 134
Following this development, OES acquired an additional drilling rig, two swamp rigs acquired; bringing the total rig count to 5.
Oando Gas and Power 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), another subsidiary of Oando was awarded the mandate for the River State gas distribution network. It completed the construction and commissioning of the 128KM Eastern Horizon Gas Company (EHGC) Pipeline.
the Federal Government also awarded Oando/Agip consortium $ 3 billion Central Processing Facility. The company completes the reverse takeover of Exile Resources to subsequently become Oando Energy Resources (OER), listed on the Toronto Stock Exchange (TSX) with 40% farm-in to Qua Ibo (OML 13).
It Commissioned 10.4 MW Alausa Independent Power Project(IPP) to provide electricity to the Lagos State Government. Oando acquires Conoco Phillips Nigerian business for $1.8 billion.
In 2004 Oando Trading Limited and Oando Supply & Trading Limited were incorporated. This was followed shortly by the formation of Oando Gas & Power (OGP) which emerged as a result of Gaslink’s gas distribution franchise and Oando’s customer base.
GAS
Oando and Oilserve are currently the main indigenous contractors executing the construction of the $2.8 billion $2.8billion, 40-inch by 614km Ajaokuta-Kaduna-Kano Gas Pipeline Project (the “AKK Pipeline”), which was flagged off by President Muhammadu Buhari G the Oilserv-Oando PLC consortium were awarded the Engineering, Procurement, and Construction (EPC) mandate for segment 1, accounting for 40” by 303.4km linear pipeline system for the Ajaokuta to Kaduna portion of the AKK Pipeline Project by the NNPC.
Commenting on the AKK Pipeline Project, the Group Chief Executive, Oando PLC, Jubril Adewale Tinubu, said: “As a proudly Nigerian company, focused on driving indigenous participation we have always been proponents of public-private partnership in accelerating the actualization of the nation’s goals. We have aspired to play an integral role in the building out of the National Gas Infrastructure and Pipeline Grid, as evidenced by our efforts in 2009, post the Nigerian Gas Masterplan when we participated in the unrealized Calabar- Ajaokuta- Abuja-Kano (CAAK) line. We have developed strategic partnerships with both private sector players and the NNPC in bringing sustainable solutions to spur the development of the country via our numerous gas development and distribution projects
Oando Gas & Power Limited (“OGP”), the foremost indigenous developer and provider of gas and power solutions, and a fully-owned entity of Oando PLC, has commenced the development of a mini Liquefied Natural Gas (LNG) facility through its Transit Gas Nigeria Limited (“TGNL”) subsidiary in Ajaokuta, Kogi State.
The pioneering liquefaction plant is primarily directed towards fulfilling the gas supply requirement for captive power plants, embedded generation, and industrial clusters in the Northern region, as well as stranded customers in the South. Off-takers, particularly, power plants and industrial customers who currently utilise liquid fuels such as diesel and LPFO, will be able to lower energy costs by up to 40%, while significantly decreasing carbon emissions.
In September 2016 it signed a $115.8 Million Midstream Agreement with Helios Investment Partners.
OGP is the pioneer developer of Nigeria’s foremost natural gas distribution network and has subsequently grown to become the largest private sector gas distributor in Nigeria, delivering at a peak, of 70 million standard cubic feet per day (“mmscf/d”) to over 175 industrial and commercial customers via its vast gas infrastructure network.
With over 260km of pipeline infrastructure built, OGP provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited (“Gaslink”), Gas Network Services Limited (“GNSL”), and Central Horizon Gas Company (“CHGC”).
Oando Energy Resources, also in 2019 successfully signed two Gas Supply Agreements (GSA) with the Nigeria Liquefied Natural Gas Ltd (NLNG), for the renewal of gas supply for the existing Trains 1-3 for a term of 10 years and for gas supply for the impending Train 7 for a term of 20 years..