Chevron Expands into Guinea-Bissau's Offshore Exploration Sector

Chevron has entered Guinea-Bissau's offshore exploration sector by acquiring two blocks in the MSGBC Basin through its wholly-owned subsidiary, Chevron Guinea Bissau Explor Ltda. The company will operate offshore Block 5B (Carapau Exploration License) and Block 6B (Peix Espada Exploration License), holding a 90% work interest while Petroguin, the country's national oil company, retains the remaining 10%.

The transaction is subject to regulatory approval. Chevron's Vice President of Exploration, Liz Schwarz, expressed excitement about the new partnership with Petroguin and the government of Guinea-Bissau.

Chevron aims to contribute to the development of Guinea-Bissau's energy sector, leveraging its deepwater operational expertise and increasing its exploration portfolio globally. The company has been actively expanding its exploration efforts worldwide, with recent entries into countries like Peru, Uruguay, Namibia, Angola, and Nigeria.