By Theophilus Onojeghen
Chevron Corporation has announced that it has formally entered Guinea-Bissau’s offshore oil and gas exploration sector through two new blocks in the Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry (MSGBC) Basin, marking a major step in the country’s bid to attract global energy investors.
The American energy giant, through its wholly owned subsidiary, Chevron Guinea Bissau Exploration I, Ltda, will operate offshore Blocks 5B (Carapau Exploration Licence) and 6B (Peixe Espada Exploration Licence). Chevron holds a 90 per cent working interest in both licences, while Guinea-Bissau’s national oil company, Petroguin, retains the remaining 10 per cent stake.
According to a statement released on Monday, the transaction has received all necessary regulatory approvals, paving the way for Chevron to commence exploration activities.
Chevron’s Vice President of Exploration, Liz Schwarze, said the company’s entry into Guinea-Bissau aligns with its long-term strategy to expand its exploration portfolio across promising basins worldwide.
“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,” Schwarze said during a signing ceremony in Bissau, attended by Petroguin’s General Director, Celedonio Vieira.
Also speaking at the event, Beatrice Bienvenu, Chevron’s Country Manager for West Africa Frontier, expressed optimism about the new partnership, describing it as a strategic collaboration that will strengthen Guinea-Bissau’s emerging energy sector.
“We’re excited about our new partnerships with Petroguin and Guinea-Bissau’s government following the signing of Blocks 5B and 6B,” Bienvenu said.
Chevron said it looks forward to working closely with Petroguin to advance exploration and contribute to the development of Guinea-Bissau’s energy industry, which has seen growing international interest in recent years.
The company, a leading global deepwater operator, has expanded its exploration portfolio by nearly 40 per cent over the past two years, including new ventures in Peru, Uruguay and Namibia. Chevron has maintained a significant footprint across Africa for nearly a century, with active operations in countries such as Angola and Nigeria.
