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[QUOTE="Munyaradzi Mafaro, post: 67774, member: 636"]
Chevron has established operations in Guinea-Bissau waters through a subsidiary that will develop two offshore exploration sites in the MSGBC Basin. The American energy giant acquired working stakes of 90 percent in both Block 5B under the Carapau Exploration License and Block 6B under the Peixe Espada Exploration License. Guinea-Bissau state petroleum company Petroguin maintains the balance of 10 percent equity in each concession.

Laura Hurst from Chevron media relations confirmed that authorities granted all necessary permissions for the deal. The move expands the corporation's footprint within a geological formation stretching across Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry. Liz Schwarze, who serves as exploration vice president for the company, attended a contract ceremony in Bissau with Petroguin General Director Celedonio Vieira. Schwarze described the entry as launching a fresh partnership with the West African nation while supporting corporate objectives to acquire promising deepwater acreage globally. Chevron Guinea Bissau Exploration, I will manage both licenses as operator.
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