Oando - wikipedia Oando This article contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external links, and by adding encyclopedic content written from a neutral point of view. ( December 2017 ) This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( February 2017 ) Oando PLC Type Public Traded as NSE : OANDO JSE : OAO Industry Oil and Gas Founded 1956 ( ESSO ) Headquarters Victoria Island, Lagos, Nigeria. Area served West Africa Key people Adewale Tinubu ( GCE ) Omamofe Boyo ( DGCE ) Products Oil Petroleum Natural gas Petrochemical Fuel Lubricant Revenue ₦ 267.8 Billion ( 2017 - H1 ) Operating income ₦ 28.8 Billion ( 2017 - H1 ) Total equity ₦ 198.7 Billion ( 2017 - H1 ) Number of employees 1,000 Website www.oandoplc.com Oando PLC is Africa 's leading indigenous energy company operating in the upstream, midstream and downstream. With a primary listing on the Nigerian Stock Exchange, it 's the first African company to have a cross-border inward listing on the Johannesburg Stock Exchange. In 2014, it concluded the acquisition of ConocoPhillips ' Nigerian business through its upstream subsidiary, Oando Energy Resources, making it the country 's largest indigenous oil and gas producer. In July 2016, Oando entered into a tri-partite agreement with the Vitol Group, the world 's largest independent trader of energy commodities and Helios Investment Partner, a premier Africa - focused private investment firm to form OVH ( formerly Oando Downstream ) the nation 's leading supplier and distributor of refined petroleum products. In September 2016, Oando announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP ( `` Helios '' ), a premier Africa - focused private investment firm, to acquire 49 % of the voting rights in Oando 's midstream business subsidiary, Oando Gas and Power Limited. Oando is Nigeria 's largest indigenous oil and gas company with a production output of 43,000 boepd, enterprise value of N520 billion and market capitalisation value of N115. 1 billion. Contents 1 History 2 Overview 3 Operating divisions 4 Board of directors 5 Strategic Assets 6 References 7 External links History Oando 's earliest roots can be traced to the formation of Esso Africa in 1956. Esso Africa was a petroleum marketing company, a subsidiary of the Exxon Corporation of USA. In 1976, the Nigerian government purchased a controlling stake in the company and rebranded the company as Unipetrol Nigeria. On 1 March 1991, Unipetrol became a Public Limited company. Later on in the same year, the Nigerian government sold 60 % equity to the Nigerian public in an Initial Public Offering. By February 1992, Unipetrol was listed on the Nigerian Stock Exchange. In 1990 Benedict Peters became the co-founder of Ocean and Oil Limited, known today as Oando In 1999, Unipetrol acquired a 40 % stake in Gaslink Nigeria Limited, a gas utility company. The acquisition was motivated by a desire to utilize its exclusive gas sale and purchase agreement with the Nigerian gas company. In 2001, the company increased its stake to 51 per cent. So far, Gaslink has developed 250 km of gas pipeline infrastructure. In 2000, Ocean and Oil, a private investment company led by Nigerian entrepreneurs Adewale Tinubu and Omamofe Boyo acquired a 30 % controlling interest in Unipetrol Plc. In 2001, Ocean and Oil increased its stake in Unipetrol to 42 % via an irredeemable convertible loan stock issue. In 2002, Ocean and Oil led Unipetrol 's bid for a 60 % stake of Agip Nigeria Plc, a rival petroleum marketing firm, owned by Agip Petroli BV, an Italian - based oil company. The merged company was named Oando PLC in 2003, making the company the largest downstream petroleum marketing company in Nigeria. In 2005, Oando Energy Services was incorporated as an integrated Oilfield Services company to achieve the group 's objectives in the upstream services industry. In 2007, Oando Energy services acquired two oil drilling rigs in Nigeria 's Niger Delta. In 2008, the company emerged Nigeria 's first indigenous oil company with interests in producing deep water assets through the acquisition of equity in two oil blocks. By 2009, the company had acquired 5 swamp rigs and in 2010, the company launched its first Independent Power Plant for the Lagos Water Corporation. The project involved the construction of a 12.5 MW power plant to provide uninterrupted power supply to the Lagos Water Corporation. In 2011, Oando Gas and Power commissioned 128 km EHGC Pipeline, the pipeline was built under a joint venture arrangement with the Nigerian Gas Company ( NGC ), a subsidiary of the Nigerian National Petroleum Corporation ( NNPC ) ). The gas infrastructure has the capacity to deliver up to 100 million standard cubic feet per day ( mmscf / d ) of natural gas and will deliver an initial 22mmscf / d of gas to its maiden customer, United Cement Company ( UNICEM ), to fuel its new 2.5 million metric tonnes per annum cement plant, located in Mfamosing, Akampka Local Government Area of Cross River State. In 2012, Oando Exploration and Production Limited ( `` OEPL '' ) signed a farm - in agreement with Network Exploration & Production Nigeria Limited ( `` NEPN '' ) for the acquisition of 40 % participating interest in the Qua Iboe field ( OML 13 ) subject to the consent of the Minister of Petroleum. In 2013, Oando Plc succeeded in raising over N55. 2 billion from the capital markets as its Rights Issue recorded 101 per cent subscription. The company issued 4.548 billion shares to existing shareholders at N12 per share between December 2012 and February 2013 with the intention of raising N54. 6 billion. Oando Gas and Power commissioned 10.4 MW Alausa Independent Power Plant to provide electricity to the Lagos State Secretariat Complex. Following the decommissioning of OES Professionalism in 2013, OES currently has a fleet of 4 rigs ; OES Teamwork, OES Respect, OES Integrity and OES Passion. In 2014, Oando divested the 128 km Eastern Horizon Gas Company ( EHGC ) franchise in a $250 Million transaction with Seven Energy. In 2014, Oando Energy Resources ( `` OER '' ) listed on the TSX an affiliate company of Oando PLC entered into agreements with ConocoPhillips ( `` COP '' ) to acquire its entire business interests in Nigeria for a total cash consideration of ~ $1.5 Billion. In June 2015, Oando entered into an agreement with HV Investments II B.V., ( `` HVI '' ), a joint venture owned by a fund advised by Helios Investment Partners ( `` Helios '' ) and The Vitol Group ( `` Vitol '' ), for a cash investment of US $461 million in Oando 's Downstream business. In 2016, Oando PLC completes strategic US $115.8 million gas and power agreement with Helios. Oando PLC completes sale of Akute IPP. Overview Exploration and Production : ~ 43 kboepd 2017 Average Net Production Assets Portfolio : 14 Producing, Development & Exploration Assets 469.3 mmboe 2P of Reserves + 156.4 mmboe of 2C Resources Axxela : 260 km Pipeline Network Combined Capacity to Deliver 103mmcf / d Trading : C 7 % of Nigeria 's Fuel Requirement is Supplied by Oando Trading OVH Energy : > 320 Retail Outlets Operations in Nigeria, Ghana, Benin and Togo Operating divisions Oando PLC is organized functionally into a number of operating divisions. These divisions are grouped into three categories : Upstream : Oando Energy Resources ( OER, The leading indigenous exploration and production company in Nigeria ), Oando Energy Services ( OES, Nigeria 's largest indigenous rig services provider ) Midstream : Axxela Energy ( Axxela Energy, building Sub-Saharan Africa 's largest gas pipeline grid, developing independent power plants in Nigeria ), Akute Power Limited, Alausa Power Limited, Gaslink Nigeria Limited, Gas Network Services Limited Downstream : Oando Vitol and Helios ( OVH Energy ), Oando Supply and Trading ( OST, Africa 's largest independent and privately owned oil trading company ), Oando Terminaling and Logistics ( OTL, propelling development of infrastructure to drive efficiency across the downstream ) Board of Directors As of September 2017 : Chairman : HRM Oba M.A. Gbadebo Group Chief Executive : Jubril Adewale Tinubu Deputy Group Chief Executive : Omamofe Boyo Group Executive Directors : Bolaji Osunsanya, Femi Adeyemo Independent Non-Executive Director : Sena Anthony, Alphonsus Ikeme Osakwe, Ademola Akinrele SAN, Oghogho Akpata, Tanimu Yakubu Company Secretary : Ayotola Jagun Strategic assets Over 320 Retail Outlets Operations in Nigeria, Ghana, Benin and Togo 7 Storage Terminals ( 110ml Storage Capacity ) 3 Aviation Terminals 2 Bitumen Plants 2 Lubricant Blending Plants ( 130m l / annum ) 8 LPG Filling Plants 134 km gas pipeline Network Combined Capacity to Deliver 103mmcf / d 14 licences for exploration, development and production of oil and gas concessions in OER. References Jump up ^ `` Oando PLC - Mining companies in Africa ''. Mining Africa. Retrieved 2017 - 04 - 26. Jump up ^ `` Benedict Peters - CEO Aiteo Group ''. Benedict Peters. Retrieved 2017 - 04 - 04. Jump up ^ `` Oando to acquire 40 % interest in Qua Iboe ''. Punchng.com. Archived from the original on 5 June 2012. Retrieved 28 December 2016. Jump up ^ `` Lagos inaugurates Alausa power project ''. Thisdaylive.com. Archived from the original on 21 October 2013. Retrieved 28 December 2016. Jump up ^ `` Oando completes profitable sale of EHGC Franchise ''. Businessdayonline.com. Archived from the original on 6 April 2014. Retrieved 28 December 2016. Jump up ^ `` ConocoPhillips completes sale of Nigeria business to Oando ''. Energymixreport.com. 30 July 2014. Retrieved 28 December 2016. Jump up ^ `` Helios Vitol linked firm takes n62bn stake in Oando downstream ''. Businessdayonline.co. Archived from the original on 5 July 2015. Retrieved 28 December 2016. Jump up ^ Zaln Verjee ( 30 November 2010 ). `` Wale Tinubu : Africa is ' most interesting frontier ' market right now ''. Cnn.com. Retrieved 28 December 2016. External links Nigeria portal Energy portal Official website Retrieved from `` https://en.wikipedia.org/w/index.php?title=Oando&oldid=820564981 '' Categories : Oil and gas companies of Nigeria Companies based in Lagos Companies listed on the Johannesburg Stock Exchange Hidden categories : Articles with a promotional tone from December 2017 All articles with a promotional tone Articles needing additional references from February 2017 All articles needing additional references Pages using deprecated image syntax Pages using infobox company with unsupported parameters Talk Contents About Wikipedia Português Edit links This page was last edited on 15 January 2018, at 10 : 21. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. 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Question: when did oando commence business operations as a petroleum marketing company
Answer: 1956