From Francis Sadhere, Warri
Chevron Corporation and the government of Equatorial Guinea have taken a major step toward boosting gas development with the signing of agreements for the Aseng Gas Monetization Project.
The agreements, signed by Noble Energy EG Ltd.—a Chevron company—and its co-venturers, mark a critical milestone toward the approval and eventual implementation of the project. However, execution remains subject to relevant regulatory approvals.
Speaking on the development, Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, said the milestone builds on a prior deal reached in September 2025 with the Equatorial Guinean government. According to him, that agreement established competitive fiscal and tax terms necessary to enable the project.
Swartz explained that the Aseng Gas Monetization Project will focus on developing gas resources in the Aseng Field using existing midstream infrastructure. He noted that the initiative has the potential to sustain the supply of liquefied natural gas (LNG) from Equatorial Guinea to global markets well into the mid-2030s.
He further disclosed that the project would unlock additional investments, particularly in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and ongoing exploration activities in blocks acquired by the company in 2024.
Highlighting Chevron’s long-standing presence in the country, Swartz said the company has operated in Equatorial Guinea for nearly three decades and remains committed to supporting the nation’s energy development goals.
“The Aseng project is critical to supporting the growth of Equatorial Guinea’s energy sector, and we look forward to working closely with our partners to deliver its full potential,” he said.
Chevron currently operates Block O and Block I in Equatorial Guinea and also holds a non-operated interest in the Alba Production Sharing Contract (PSC) and the Alba Plant. In 2024, the company expanded its footprint further by securing exploration blocks EG-06 and EG-11 as part of its growing portfolio in the country.
The Aseng Gas Monetization Project is expected to strengthen Equatorial Guinea’s position in the global LNG market while driving investment and long-term energy sustainability.
Chevron Corporation and the government of Equatorial Guinea have taken a major step toward boosting gas development with the signing of agreements for the Aseng Gas Monetization Project.
The agreements, signed by Noble Energy EG Ltd.—a Chevron company—and its co-venturers, mark a critical milestone toward the approval and eventual implementation of the project. However, execution remains subject to relevant regulatory approvals.
Speaking on the development, Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, said the milestone builds on a prior deal reached in September 2025 with the Equatorial Guinean government. According to him, that agreement established competitive fiscal and tax terms necessary to enable the project.
Swartz explained that the Aseng Gas Monetization Project will focus on developing gas resources in the Aseng Field using existing midstream infrastructure. He noted that the initiative has the potential to sustain the supply of liquefied natural gas (LNG) from Equatorial Guinea to global markets well into the mid-2030s.
He further disclosed that the project would unlock additional investments, particularly in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and ongoing exploration activities in blocks acquired by the company in 2024.
Highlighting Chevron’s long-standing presence in the country, Swartz said the company has operated in Equatorial Guinea for nearly three decades and remains committed to supporting the nation’s energy development goals.
“The Aseng project is critical to supporting the growth of Equatorial Guinea’s energy sector, and we look forward to working closely with our partners to deliver its full potential,” he said.
Chevron currently operates Block O and Block I in Equatorial Guinea and also holds a non-operated interest in the Alba Production Sharing Contract (PSC) and the Alba Plant. In 2024, the company expanded its footprint further by securing exploration blocks EG-06 and EG-11 as part of its growing portfolio in the country.
The Aseng Gas Monetization Project is expected to strengthen Equatorial Guinea’s position in the global LNG market while driving investment and long-term energy sustainability.
