That momentum will take center stage at MSGBC Oil, Gas & Power 2026 in Dakar, where an exploration outlook session will assess where the basin's next billion-barrel oil discoveries and major gas resources could be found. Meanwhile, a CEO Regional Leadership Panel will examine how frontier acreage can compete for global exploration capital.

Chevron Opens a New Chapter

In November 2025, Chevron signed production sharing contracts for the Carapau (Block 5B) and Peixe Espada (Block 6B) licenses. The supermajor operates both deepwater blocks with a 90% interest, while national oil company Petroguin retains a 10% carried stake.

Chevron is currently evaluating existing 2D and 3D seismic data across the acreage before defining a drilling program. Unlike many recent investments across the MSGBC basin that have focused on gas, the company plans to pursue conventional oil prospects comparable to Senegal's Sangomar development.

The opportunity extends beyond Guinea-Bissau itself. The country's offshore acreage shares the same Atlantic Margin petroleum system that has delivered major discoveries in Senegal, Mauritania and, across the Atlantic, Suriname, reinforcing confidence in the basin's remaining exploration potential.

Petroguin Resets the Investment Framework

Chevron's arrival followed a decisive shift in regulatory policy. NOC Petroguin moved to reclaim underperforming licenses from operators that failed to meet work commitments, ending years of acreage warehousing that had slowed offshore exploration.

The reforms created the conditions for Chevron's entry and have continued through 2026. In April, Petroguin signed a joint venture with Tender Oil & Gas covering Blocks 5C and 6C, including commitments for new 2D and 3D seismic acquisition.

Combined with competitive fiscal terms and improved geological data management, these reforms have strengthened Guinea-Bissau's position in an increasingly competitive regional exploration market.

Deepwater Drilling Returns

Before Chevron entered the country, Apus Energy had already demonstrated that offshore exploration was returning. Following an $85 million farm-in completed in January 2024, the company assumed operatorship of the Sinapa license and Esperança blocks.

Using Noble's seventh-generation Ocean BlackRhino drillship, Apus spudded the Atum-1X wildcat in September 2024 in approximately 890 meters of water. The campaign marked Guinea-Bissau's first offshore exploration program in nearly two decades and its first-ever deepwater exploration well.

The company's 4,962 km² license position contains an estimated 467 million barrels of unrisked prospective resources, including approximately 314 million barrels at Atum and 153 million barrels at Anchova. Apus continues evaluating drilling results as it assesses the acreage's commercial potential.

Frontier Exploration Takes Center Stage at MSGBC 2026

Guinea-Bissau's offshore resurgence reflects a broader shift across the MSGBC basin as operators increasingly target underexplored frontier acreage alongside established producing provinces. With renewed licensing activity, fresh drilling campaigns and major international investment now underway, the country is emerging as one of the basin's most closely watched exploration stories.

These developments will shape discussions during both the Exploration Outlook session and CEO Regional Leadership Panel at MSGBC Oil, Gas & Power 2026, where governments, operators and investors will assess which frontier opportunities are best positioned to deliver the basin's next generation of discoveries.

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sectors. Visit www.msgbcoilgaspower.com to secure your participation at the MSGBC Oil, Gas & Power 2026 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.