In a significant move to bolster its exploration portfolio, Chevron has officially entered Guinea-Bissau’s offshore energy sector. The acquisition marks a strategic expansion for the company in the resource-rich MSGBC Basin.

Through its subsidiary, Chevron Guinea Bissau Exploration I, Ltda., the energy giant will operate two deepwater blocks—5B (Carapau) and 6B (Peixe Espada)—holding a 90% working interest in each. The remaining 10% interest is retained by the national oil company, Petroguin. The transaction has received all necessary regulatory approvals.

Strategic Alignment and High-Potential Assets

This agreement strengthens Chevron’s strategic presence in the MSGBC Basin, a region spanning Mauritania, Senegal, The Gambia, Guinea-Bissau, and Guinea-Conakry that is increasingly viewed as a major exploration hotspot.

The move aligns with Chevron’s declared goal of expanding its global portfolio with high-potential deepwater assets. The company highlighted the “high-quality” of the acquired acreage as a key factor in the decision.

A New Partnership

The deal was formalized at a signing ceremony in Bissau, attended by representatives from both companies.

“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,” said Liz Schwarze, Chevron’s Vice President of Exploration.