Chevron Enters Guinea-Bissau’s Offshore Exploration Sector with Two Blocks

Chevron has announced it entering into Guinea-Bissau’s offshore exploration sector through two blocks in the MSGBC basin.

Chevron Guinea Bissau Exploration I, Ltda., a wholly owned subsidiary of Chevron, will be the operator of offshore Blocks 5B (Carapau Exploration License) and 6B (Peixe Espada Exploration License) with a 90% working interest in each, Laura Hurst, Chevron’s External Affairs Advisor, Media Relations, said in a statement.

According to the statement, Petroguin, the country’s national oil company, holds the remaining 10% working interests in the blocks.

The transaction received all the required regulatory approvals, the statement reads

“Chevron is happy to begin a new chapter with Guinea-Bissau, in alignment with our exploration strategy of adding high-quality acreage to our global portfolio” Liz Schwarze, Chevron Vice President of Exploration said following a ceremony in Bissau with General Director Petroguin, Celedonio Vieira.

“We’re excited about our new partnerships with Petroguin and Guinea-Bissau’s government following the signing of Blocks 5B and 6B,” Beatrice Bienvenu, Chevron Country Manager, West Africa Frontier said.

Chevron looks forward to working with Petroguin to advance exploration and contribute to developing Guinea-Bissau’s energy sector.

Chevron is an experienced deepwater operator with activities across the world. The company has increased its exploration portfolio by nearly 40% in the last two years, including country entries into Peru, Uruguay and Namibia.

The company has been a leading operator in Africa for nearly a century with current production and exploration efforts in countries across the continent, including Angola and Nigeria, Mauritania, Senegal, Gambia, Guinea Bissau and Guinea-Conakry Basin.