Romanian tycoon Frank Timis, dispute with France’s Total over the offshore Senegal resources

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The oil firm founded by Romanian-Australian businessman Frank Timis, African Petroleum, claims that it still holds 90 percent in a block offshore Senegal, for which French oil giantTotal SA said it bought last week, capital.ro informs, quoting .

“Under the terms of the Rufisque Offshore Profond (ROP) PSC, the block remains active unless and until a termination procedure is enacted by the Republic of Senegal. To date, the Republic of Senegal has not validly enacted such termination procedure, and accordingly the Company reserves its rights under the ROP PSC,” African Petroleum said in its statement.

In turn, Total said that it had signed a deal for the Rufisque Offshore Profond block, in which it will be the operator with a 90 percent interest, with state firm Société Nationale des Pétroles du Sénégal (Petrosen) holding the remaining 10 percent.

Senegal’s government had previously said it canceled the contract because African Petroleum did not carry out work commitments, without giving details. State oil firm Petrosen, which under both the Total and the African Petroleum deals holds the remaining 10 percent of the block, said the contract had been canceled in April 2016.

Another firm owned by Timis called Timis Corp and Petrosen agreed a USD 400 million deal to cede a portion of the rights in two other Senegal blocks to Kosmos in 2014.

This dispute over the offshore Senegal resources comes after the oil company Timis Corp has sold its 30 percent stake in two offshore oil exploration blocks in Senegal to British Petroleum (BP) for more than EUR 150 million.

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