“A Chevron Guinea Bissau Exploration I, a wholly-owned subsidiary of Chevron, will be the operator of offshore Blocks 5B (Carapau Exploration License) and 6B (Peixe Espada Exploration License) with a 90% stake in each,” stated a communiqué released today. It added that “Petroguin, the national oil company of Guinea-Bissau, holds the remaining 10% stake in the blocks.”
The transaction has “received all necessary regulatory approvals,” enabling the company to operate in Guinea-Bissau, in addition to its long-standing operations in Angola.
“Chevron is pleased to begin a new chapter with Guinea-Bissau, aligning with our exploration strategy to add a high-quality area to our global portfolio,” commented Chevron’s Vice President of Exploration during the signing ceremony in Bissau with Celedonio Vieira, the General Director of Petroguin.
Chevron, one of the largest American oil companies with global operations, has expanded its exploration portfolio by almost 40% in the past two years, including in Peru, Uruguay, and Namibia, as well as Angola and Nigeria in Africa.
In the third quarter of this year, Chevron’s profit fell 21% compared to the same period in 2024, reaching 3.54 billion dollars, approximately 3.3 billion euros, impacted by declining oil prices but still exceeding analysts’ forecasts.
Chevron’s production levels reached record highs, with year-on-year increases of 27% in the United States and 21% globally, according to data presented last week.
