Chevron has entered 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 operate offshore Blocks 5B (Carapau Exploration License) and 6B (Peixe Espada Exploration License) with a 90 per cent working interest in each. Petroguin, the country’s national oil company, holds the remaining 10 per cent working interest in the blocks.
The transaction received all the required regulatory approvals.“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,” Chevron vice president of Exploration, Liz Schwarze, 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,” Chevron Country Manager, West Africa Frontier, Beatrice Bienvenu 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 worldwide. The company has increased its exploration portfolio by nearly 40 per cent 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, and it currently has production and exploration efforts in countries across the continent, including Angola and Nigeria.
