Oando PLC
Beny-Steinmetz - Mining Africa
Beny Steinmetz
May 7, 2017
MMG - Mining companies in Africa
Minerals and Metals Group (MMG)
April 5, 2017

Oando PLC

Oando - Mining companies in Africa

Oando – Leading Indigenous Oil and Gas Company

  • Year Founded:1956 as Esso
  • Key Founding Individuals: Esso was a subsidiary of Exxon Corporation founded by Benedict Peters
  • Key People: Adewale Tinubu – Chairman and Director, Omamofe Boyo – Director, Olapade Durotoye – CEO and Director, Deola Ogunsemi - CFO
  • Mined Resources: Oil and Gas
  • Operational Regions: Nigeria

Headquartered in Lagos, Nigeria, Oando is a leading independent African exploration and production company. The company’s service portfolio includes exploration, production and marketing of petroleum products and distribution of gas. Oando is the first company in Nigeria to achieve being listed on both the South African and Nigerian stock exchanges. Through its upstream division Oando Energy Resources (OER), the company has an additional listing on the Toronto Stock Exchange. Oando owns more than 600 petrol stations throughout Nigeria and employs around 1,000 employees

History

Oando was originally founded in 1956 as Esso Africa by Exxon, an American corporation. In the late 1970s the government of Nigeria bought majority shares in the company and it was rebranded as Unipetrol Nigeria. In the early 1990s the company was publically listed and later that year 60% shares were sold to citizens of Nigeria. By 2001 Unipetrol had acquired 51% shares in Gaslink Nigeria, a company responsible for over 150km of gas pipelines. Between 2000 and 2001 Ocean and Oil, a private investment firm co-founded by Benedict Peters in 1990, acquired 42% of Unipetrol. The following year Ocean and Oil led the acquisition of a 60% stake in Agip Nigeria, a rival company. In 2003 the company was renamed to Oando PLC and became known as the largest Nigerian downstream petroleum company.

Operations

Oando is organised in three operating divisions: upstream, midstream and downstream. The upstream division is known as Oando Energy Resources (OER). OER is the largest local provider of rig services and the top Nigerian exploration and production company. The midstream division is called Oando Gas & Power (OG&P). OG&P is responsible for building the biggest gas pipeline grid in Sub-Saharan Africa, and for developing independent power stations including Akute Power, Gaslink Nigeria, Alausa Power and Gas Network Services. The downstream division of Oando consists of Oando Marketing PLC (OMP), Oando Supply & Trading (OST) and Oando Terminaling and Logitstics (OTL). OMP is the leading oil retail company in Nigeria, OST is the biggest private and independent oil trading company in Africa and OTL is responsible for developing the infrastructure required by the downstream division.

Company Mission and Vision

Oando aims to continue growing reserves through harnessing existing resources while delivering sustainable value to stakeholders. Through significant investments in local and offshore assets, Oando’s vision is to remain a cutting edge gas and oil company with world-class operations. The company has a firm stance on nurturing talented young people with an exposure and training initiative geared for accelerated learning. Oando is committed to social and economic development of local communities in which the company operates. Strong focus is placed of job creation and increasing local capacity.

http://www.oandoplc.com/ Benedict Peters