Oando Plc has been selected as the preferred bidder for the lease of the Guaracara Refinery in Trinidad and Tobago, securing a significant opportunity in the Caribbean energy sector.
The Nigerian energy company emerged victorious in a competitive bidding process, defeating the Trinidadian CRO Consortium and INCA Energy, an American company.
The decision, announced by Trinidad and Tobago’s Minister of Energy, Stuart Young, was based on Oando’s strong financial performance, particularly its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria in 2014. Minister Young emphasized that Cabinet had spent considerable time discussing the implications of the decision, highlighting the importance of the move for the country’s energy sector.
In his remarks, Young noted the decline of Petrotrin, Trinidad’s national oil company, under its previous management, which faced losses of $361.5 million in 2014, escalating to $1.2 billion by 2016. He also pointed out the steep decline in domestic oil production, which dropped from 144,000 barrels per day in 2005 to just 78,000 barrels per day by 2015. The government’s decision to lease the Guaracara Refinery to Oando is seen as a step towards revitalizing the country’s refining capacity.
A post on the Office of the Prime Minister’s Facebook page further confirmed that Cabinet had given its approval for Trinidad Petroleum Holdings Limited (TPHL) to begin discussions with Oando regarding the lease. The decision followed a review by an Evaluation Committee, composed of industry professionals, which recommended Oando Trading DMCC as the preferred bidder.
Prime Minister Young reiterated the government’s commitment to safeguarding the assets of Paria Fuel Trading Company Limited, ensuring a stable fuel supply for the population, and protecting Paria’s resources during the refinery restart process.
In addition to this recent success in Trinidad and Tobago, Oando has also been expanding its portfolio internationally. The company recently announced that it had been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, a region with significant exploration potential. Oando’s growing presence in both Africa and the Caribbean reflects its continued strategic expansion in the global energy sector.
This win positions Oando as a key player in the refining and energy markets, both domestically and internationally
