On November 3, 2025, Chevron announced its establishment in Guinea-Bissau through two exploration licenses located in the MSGBC basin. Its local subsidiary, Chevron Guinea Bissau Exploration I Ltda, will operate blocks 5B and 6B, called Carapau and Peixe Espada, with 90% interest, while the national company Petroguin will hold the remaining 10%. The operation, approved by the Bissau authorities, is part of the overall diversification strategy of the American group, which seeks to consolidate its exploration assets in areas deemed promising. According to Chevron management, this establishment reflects its desire to enrich its global portfolio of high-quality concessions.
African expansion in a favorable context
This entry into Guinea-Bissau continues a strategy of controlled expansion. Chevron has been strengthening its presence in Africa for two years, where it has invested in several major projects. Already a producer in Angola and Nigeria, the second largest oil company in the United States claims to have increased its exploration portfolio by almost 40% in the last 24 months, including in Africa.
In Equatorial Guinea, the company is developing associated gas from the Aseng field for an amount of approximately $690 million. In Nigeria, it is continuing its deepwater programs, notably on the Agbami and Usan fields. In Namibia, it holds 80% of the PEL 82 and PEL 90 permits, located in areas today at the heart of the global race for offshore exploration. In September 2025, the company signed a preliminary agreement with Angola’s National Oil, Gas and Biofuels Agency (ANPG) to explore offshore block 33/24 in the Lower Congo Basin.
The choice of Guinea-Bissau also reflects the tendency of the majors to position themselves in the MSGBC basin (Mauritania, Senegal, Gambia, Bissau, Guinea), considered to be the “new frontier” energy of West Africa. In recent years, the region has experienced unprecedented acceleration. Among the most recent developments, Senegal started oil production in June 2024 on its Sangomar field, managed by a joint venture between Woodside and the public company Petrosen. At the end of December 2024, the country also became a gas producer, thanks to the entry into service of the Greater Tortue Ahmeyim (GTA) field, shared with Mauritania. The GTA project is 56% owned by BP, 27% by Kosmos Energy, while Petrosen and the Société Mauritanienne des Hydrocarbures (SMH) hold 10% and 7% respectively.
A strategic bet for a country not yet producing
For Guinea-Bissau, the arrival of Chevron is good news. The country has never produced oil or gas, but over the past two years it has been taking steps to position itself on the regional energy map. In 2023, the authorities signed an agreement in principle with the Italian company Eni to assess the country’s oil and gas potential, integrating environmental sustainability components. During the Russia–Africa summit in St. Petersburg, President Umaro Sissoco Embaló expressed his desire for more active cooperation with the Russian company Lukoil, but this path was compromised by the company’s withdrawal of its African assets following international sanctions.
The Guinea-Bissau subsoil remains little known, but several indications of potential have been identified. In 2022, the Australian company Far Ltd had estimated the prospective resources of certain coastal blocks at around 498 million barrels before withdrawing.
The arrival of an operator of the size of Chevron could restore investor confidence and relaunch prospecting efforts, in a country where technical and financial capacities remain limited. The challenge for Bissau will now be to transform this geological interest into a concrete project, while consolidating a governance framework capable of supervising the arrival of new players. If future campaigns confirm the presence of exploitable deposits, Guinea-Bissau could join its neighbors in the MSGBC basin in hydrocarbon production. The bet remains uncertain at this stage, but Chevron’s presence already marks a symbolic break in the country’s energy history.
