Houston, Texas, US, Nov. 4, 2025 (Lusa) - The American oil company Chevron will lead oil exploration in two blocks in Guinea-Bissau's territorial waters, holding 90% of the blocks, with the local operator retaining the remaining 10%.

"Chevron Guinea Bissau Exploration I, a wholly owned subsidiary of Chevron, will be the operator of offshore Blocks 5B (Carapau Exploration Licence) and 6B (Swordfish Exploration Licence) with a 90% stake in each," reads a statement sent on Monday to Lusa, adding that "Petroguin, Guinea-Bissau's national oil company, holds the remaining 10% stake in the blocks."

The transaction, the document also points out, has already "received all the necessary regulatory approvals," meaning that the company will now also operate in Guinea-Bissau, in addition to Angola, where it has been operating for several years.

"Chevron is pleased to begin a new chapter with Guinea-Bissau, in line with our exploration strategy that aims to add a high-quality area to our global portfolio," commented Kevin McLachlan, Chevron's vice president of exploration, quoted in the statement, who was in Bissau at the agreement signing ceremony with Petroguin's director general, Celedonio Vieira.

Chevron is one of the largest US oil companies, with operations around the world, and has increased its exploration portfolio by almost 40% in the last two years, including Peru, Uruguay and Namibia, in addition to Angola and Nigeria in Africa.

In the third quarter of this year, the oil company's profits fell 21% compared to the same period in 2024, to US$3.54 billion, around €3.3 billion, penalised by the fall in oil prices, but still above analysts' forecasts.

Chevron's production reached record levels, with year-on-year increases of 27% in the United States and 21% globally, according to data released last week.

MBA/AYLS // AYLS

Lusa