CHEVRON has made a strategic inroads into Guinea-Bissau’s offshore exploration sector through two blocks in the MSGBC Basin.
MSGBC refers to the Mauritania, Senegal, Gambia, Guinea-Bissau, and Guinea-Conakry Basin.
Chevron Guinea Bissau Exploration I, Ltda., a wholly owned subsidiary of Chevron, will operate offshore Blocks 5B (Carapau Exploration Licence) and 6B (Peixe Espada Exploration Licence) with a 90 per cent working interest in each.
According to Laura Hurst, Chevron’s External Affairs Advisor, Media Relations, Petroguin, the national oil company of Guinea-Bissau, holds the remaining 10 per cent working interests in the blocks.
The transaction has received all required regulatory approvals.
“Chevron is pleased to begin a new chapter with Guinea-Bissau, in alignment with our exploration strategy of adding high-quality acreage to our global portfolio,” said Liz Schwarze, Chevron’s Vice President of Exploration, following a ceremony in Bissau with Petroguin’s Director-General, Celedonio Vieira.
“We’re excited about our new partnerships with Petroguin and the government of Guinea-Bissau following the signing of Blocks 5B and 6B,” added Beatrice Bienvenu, Chevron’s Country Manager for West Africa Frontier.
Chevron looks forward to working with Petroguin to advance exploration activities and contribute to the development of Guinea-Bissau’s energy sector.
Chevron is an experienced deepwater operator with activities across the globe.
The company has expanded its exploration portfolio by nearly 40 per cent over the past two years, including new entries into Peru, Uruguay, and Namibia.
