Sopuruchi Onwuka

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American multinational oil major, Chevron, has declared commitment to development of the offshore Yoyo-Yolanda field located in joint maritime territory between Cameroon and Equatorial Guinea.

Chevron’s business managers in Nigeria and Mid-Africa Region stated Tuesday that the company is excited at the resolution and subsequent treaty signed by both Cameroon and Equatorial Guinea to jointly support development of the asset.

The company reported that the governments of Republic of Equatorial Guinea and the Republic of Cameroon signed a unitization agreement on February 3 authorizing continuation of the field development project.

Tuesday’s unitization agreement builds on a bilateral treaty the two countries signed on March 18, 2023 to pave way for the joint development of oil and gas reserves at the two countries’ maritime border in the Gulf of Guinea.

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Chief Corporate Affairs Officer at Chevron Nigeria and Mid-Africa, Olusoga Oduselu, explained in a statement that Chevron-operated Yoyo and Yolanda fields lie in the joint maritime border between the two countries.

Thus, Chevron’s local subsidiary in Equatorial Guinea, Noble Energy EG Limited and sister Noble Energy Cameroon Limited would now decide development plan for the Yoyo-Yolanda Project.

Jim Swartz, Chairman and Managing Director Chevron Nigeria and Mid-Africa Region said the Yoyo‑Yolanda Field is a cross‑border offshore gas field shared between Equatorial Guinea and Cameroon, containing an estimated 2.5 TCF of gas in place.

“The Yoyo‑Yolanda project is central to Chevron’s strategy of supporting long‑term Liquefied Natural Gas (“LNG”) supply and leveraging existing infrastructure at Alen and Punta Europa,” he stated.

“The agreement enables Chevron and its partners to continue to advance the Yoyo-Yolanda project,” Jim added.