Several international energy companies are preparing to enter the upstream market in the MSGBC region, targeting exploration opportunities across The Gambia, Guinea-Bissau, and Guinea-Conakry. The announcement comes following Chevron’s recent acquisition of acreage in Guinea-Bissau and signals growing interest in the southern part of the MSGBC basin, which has yet to yield a major discovery.
Speaking at the MSGBC Oil, Gas & Power 2025 conference, Ben Sayers, Partner and Energy Specialist at GeoPartners, noted that while the northern MSGBC region has already seen production in Senegal and Mauritania, exploration in the south is still in its early stages. “We could see similar developments in The Gambia, with two to three major companies expected to join, and increased collaboration in Guinea-Conakry,” he said.
The potential influx of investment aligns with regional efforts to incentivize upstream exploration. Paul Freeman, Global Exploration Advisor at SLB, highlighted opportunities in ultra-deepwater areas, noting that deeper acreage below 1,000 meters remains largely unexplored. Recent discoveries in Namibia, he explained, demonstrate the promise of such play types and source rocks at greater depths.
Rogers Beall, Executive Chairman of Africa Fortesa Corporation, described the basin as a “super world-class petroleum system,” emphasizing that multiple source rocks, Permian, Jurassic, and Cretaceous, have already been confirmed through drilling, proving the MSGBC region’s exploration potential.
Regional nations are also actively promoting specific projects to attract investment. Senegal is seeking partners for its Yakaar-Teranga gas project, while Mauritania is advancing the BirAllah development. Alioune Guèye, CEO of Petrosen Holding, stressed the importance of national oil companies (NOCs) in de-risking the basin and creating attractive opportunities for international investors.
Mauritania, in particular, has strengthened its regulatory framework to encourage upstream investment. Chemsdine Sow Deina, Director General of Petroleum and Low Carbon Hydrogen at the Ministry of Energy and Petroleum, highlighted improvements to cost recovery terms, a new investment code, and a local content framework as part of the country’s strategy to attract partners.
With these developments, the MSGBC region is positioning itself as a major exploration hub in West Africa. Analysts say improved fiscal terms, new block opportunities, and bold exploration campaigns could draw significant foreign investment and accelerate discoveries across the basin.
