The Decepticon wheeler-dealer known as Octane first appeared when engaged in business with Abdul Fakati, ruler of the Arab nation of Carbombya. Octane had appropriated the Decepticon city of Trypticon from Dinobot Island, where he had been resting following his damaging battle with Metroplex, and had taken up residence in Carmbombya. In exchange for them protecting the country's shoreline from Imperialists and fanatics, Fakati payed the Decepticons with oil, which they turned into Energon. Whenever Fakati decided that they were costing him too much, he tried to kick them out of the country. However, Octane had discovered that Energon produced from Carbombya's oil was much more powerful that normal Energon, and bribed Fakati into letting him and Trypticon stay in the country by paying him - first with gold, straight from Fort Knox, and later with more world monuments. Galvatron, enraged by what basically amounted to Octane's theft of Trypticon, tracked down the conniving Decepticon, but upon sampling the 'Super-Energon', was persuaded into sparing Octane's life. When the Dinobots came under suspiscion of the thefts, the Autobots were drawn to Carbombya, where Metroplex dealt with Trypticon resoundingly. Galvatron was less than pleased with Octane.
Octane is a triple changer, capable of assuming two Earth forms - that of an oil tanker, and a Boeing 747 air liner. He is armed with a flame thrower in robot mode, but his greatest asset is undoubtedly his way with words. Octane could sell snow to an eskimo. He is incredibly mercenary-minded, and will make a deal at the drop of a hat, although, he is, however, an honest business man, and won't break a deal unless absolutely necessary. He can worm his way out of just about any situation using his gift of the gab.
When Octane resurfaced, he had been exiled from the ranks of the Decepticons (Note - It seems very possible that the writers may have simply mixed Octane up with Blitzwing, who we had actually seen be exiled previously). The Autobot, Sandstorm granted him refuge, but Octane wound up penetrating the Decepticon crypt where the bodies of the deceased Decepticon warriors were kept, and accidentally freed the mutant indestructable spark of the treacherous Starscream from his remains. Starscream's Ghost went on to possess Cyclonus and Scourge in attempts to asassinate Galvatron.
What became of Octane following the restoration of Cybertron's Golden Age is unknown, though it's most likely that he continued to function for some time, perhaps in retirement or wandering the galaxy, living off his considerable wits.