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Romanian Ovidiu Tender wants to invest USD 100 mln to find oil in Africa

Romanian investor Ovidiu Tender wants to invest some USD 100 million in exploring an offshore oil perimeter on the coast of African countries Senegal and Guinea – Bissau. Tender Group recently signed a concession agreement with the local African authorities for the 5,300 kilometre perimeter, valid for 33 years, after a year and a half of negotiations.

“I wanted this contract to be signed in Bucharest to show Romania that it is possible. Investments in exploration will be made over eight years. Given the depth of the water – 3,000 – 4,000 meters, the cost of exploration is high. Seismic research costs at least USD 20 million, and drilling at this depth costs between USD 35 and 50 million. We will definitely need to drill twice,” said Ovidiu Tender.

Tender’s offshore area adjoins another where 1.5 billion barrels of oil were discovered, giving the Romanian businessman high hopes of finding oil.

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. Tender also has a 99-year concession agreement for 130,000 hectares along the Senegal river where it plans to invest some EUR 400 million in the next 10 years in harvesting for biodiesel production.

Ovidiu Tender founded the group in 1991 in Timisoara. He started investing in Africa in 2010, especially in the mineral resources area. He has 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 construction.

editor@romania-insider.com