Sopuruchi Onwuka

Chevron and its partners have signed key agreements with the government of Equatorial Guinea to advance the Aseng Gas Monetization Project, marking a significant step toward developing the country’s gas resources.

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The deal, signed by Noble Energy EG Ltd. and its co-venturers, remains subject to regulatory approvals but represents a critical milestone toward final investment and project execution.

Commenting on the development, Jim Swartz said the agreement builds on a prior deal reached in September 2025 with the Equatorial Guinean government, which established competitive fiscal and tax terms needed to move the project forward.

The Aseng project is designed to develop gas resources from the Aseng Field using existing midstream infrastructure. It is expected to help sustain liquefied natural gas supply from Equatorial Guinea to global markets into the mid-2030s, reinforcing the country’s position as a regional gas exporter.

Swartz added that the project could unlock further investments in other assets operated by Chevron, including Block O’s Alen Field and the cross-border Yoyo-Yolanda field, as well as support exploration activities in blocks acquired by the company in 2024.

Chevron has operated in Equatorial Guinea for nearly three decades and currently manages Block O and Block I, while also holding a non-operated interest in the Alba production sharing contract and the Alba Plant. The company expanded its footprint in 2024 by adding exploration blocks EG-06 and EG-11 to its portfolio.

The Aseng Gas Monetization Project is seen as a key part of efforts to deepen gas development in Equatorial Guinea and attract new investment into the country’s energy sector.