The major American energy company, Chevron, is actively seeking to expand its operations across West Africa.
A senior executive confirmed the region’s strategic importance to the firm. This statement came shortly after Chevron secured a deal to explore two offshore blocks in Guinea-Bissau.
These new blocks are situated within the Mauritania, Senegal, Gambia, Bissau, and Conakry (MSGBC) basin. This geological region has recently become a major point of interest for the oil and gas sector. This intense focus follows several significant discoveries in neighboring areas.
Strategic Acquisition of New Acreage
Liz Schwarze, Chevron’s vice president for exploration, underscored the company’s commitment. She stated that West Africa is strategic to Chevron. Furthermore, the company continues its pursuit of acquiring additional acreage across the region.
Chevron views this new chapter with Guinea-Bissau as alignment with its global strategy. The objective is to consistently add “high-quality acreage” to its portfolio. Although natural gas deposits are always a possibility, the initial focus for entry is primarily oil exploration.
Operating Blocks 5B and 6B
Chevron’s local unit will take the lead role in the new venture. It will serve as the operator of Blocks 5B and 6B. The unit holds a commanding 90% working interest in both concessions. Petroguin, Guinea-Bissau’s national oil company, holds the remaining working interest.
Schwarze confirmed that Chevron will immediately begin processing and interpreting existing 2D and 3D seismic data. This data covers the two deep to ultra-deep water blocks.
She expressed optimism about the geological potential. “We do see a number of plays and great geology in the area,” she stated. However, she noted that it is still too early to provide a timeframe for drilling the first exploration wells.
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