The project, worth about $1 billion would be developed at the Jubilee fields, the largest oil field to be discovered in West Africa in the last 10-15 years.
The company has said in a statement Sunday October 4, 2009 that it was among three foreign energy companies selected to work on the project involving the building of gas pipelines, processing facilitities and liquefied petroleum gas and storage tanks.
The Chief Executive of Oando, Wale Tinubu was quoted in the statement as saying, “The choice of Oando … creates an opportunity for us to extend the success recorded in building Nigeria’s gas distribution pipeline system to other parts of West Africa.”
The company says on its website that it is Nigeria’s largest energy group with strategic investments in a range of energy companies across West Africa.
According to the information on the website, Oando was listed on the floor of the Nigerian Stock Exchange in February 1992.
And the company currently has a Market Capitalization of approximately ₦55 Billion (US $350 million) with almost 600,000,000 shares outstanding. It is one of the top ten (by market capitalization) Nigerian controlled companies quoted on the Nigerian Stock Exchange.
Oando also has an office in Ghana and has established a number of fuel stations in the country.
By Emmanuel K. Dogbevi