With its entry into Guinea-Bissau’s offshore exploration industry through two blocks in the MSGBC basin*, Chevron has increased its footprint in the West African subregion. With a 90% working interest in each, Chevron Guinea Bissau Exploration I, Ltda, a fully owned subsidiary of Chevron, will operate offshore Blocks 5B (Exploration License) and 6B (Peixe Espada Exploration License). The remaining 10% operating interests in the blocks are owned by Petroguin, the nation’s oil business. According to a statement released by Chevron yesterday, the deal has obtained all necessary regulatory clearances. Following a ceremony in Bissau with General Director Petroguin Celedonio Vieira, Liz Schwarze, Vice President of Exploration at Chevron, stated, “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.”After Blocks 5B and 6B were signed, we are thrilled about our new collaborations with the governments of Guinea-Bissau and Petroguin. West Africa Frontier Chevron Country Manager Beatrice Bienvenu stated. Chevron is eager to collaborate with Petroguin to further exploration and support the growth of Guinea-Bissau’s energy industry. Chevron has operations all over the world and is an experienced deepwater operator. Over the past two years, the company has expanded its exploration portfolio by almost 40%, adding nation entrances into Namibia, Uruguay, and Peru. With ongoing production and exploration activities in nations throughout the continent, such as Angola and Nigeria, the business has been a prominent operator in Africa for almost a century.
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