Romanian company Tender Grup, owned by Romanian businessman Ovidiu Tender, will sign a concession agreement for an oil field of some 5,300 square kilometres offshore that belongs to Senegal and Guinea Bissau, in Western Africa. Tender Group's offshore area is near two areas, Dome Flore and Dome Gea, with resources estimated at some 1.5 billion oil barrels.

Tender Group got the eight year contract for exploration and 25 years for production. The exploration stage is worth some USD 10 million, according to Tender Group. The contract marks the opening of Tender Group's exploration and production division.

This is the first contract of its kind signed by a Romanian company in Africa. In case of oil discoveries, Tender Group has the right to explore the area.

Ovidiu Tender founded the group in 1991 in Timisoara. He started investing in Africa in 2010, especially in the mineral resources area. He already signed concession agreements for six perimeters in Africa for various resources, from heavy metals to gold, with estimated values exceeding several billion dollars.

In Romania, the company also sells services for the oil and gas industry and is also active in constructions.

editor@romania-insider.com