Chevron Takes Final Investment Decision on Aseng Gas Monetization Project in Equatorial Guinea

Malabo, Equatorial Guinea Chevron, through its affiliate Noble Energy EG Ltd., has confirmed the Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea, marking a significant step in the country’s gas development ambitions and long-term energy strategy.

The company disclosed on March 31, 2026, that the decision follows the execution of key commercial agreements and remains subject to final regulatory approvals.

Speaking on the development, Jim Swartz, Chairman and Managing Director for Chevron Nigeria and Mid-Africa, said the breakthrough was made possible by an agreement signed in September 2025 with the Government of Equatorial Guinea, which established what he described as competitive fiscal and tax terms necessary to advance the project.

According to Swartz, the Aseng Gas Monetization Project is designed to develop gas resources from the Aseng Field using existing midstream infrastructure. He said the initiative is expected to play a strategic role in sustaining the supply of Liquefied Natural Gas (LNG) from Equatorial Guinea to international markets well into the mid-2030s.

He added that the project could also unlock further upstream and exploration opportunities for Chevron in the country.

“The project also enables further investments in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and exploration activities in the blocks acquired by Chevron in 2024,” Swartz said.

Chevron said the investment decision reflects its long-term confidence in Equatorial Guinea’s energy sector and underlines its commitment to supporting the country’s efforts to maximize the value of its natural gas resources.

With nearly 30 years of operations in Equatorial Guinea, the company noted that it remains committed to deepening collaboration with government and project partners to support energy development and strengthen the country’s role in the global gas market.

Swartz emphasized that the Aseng project is critical to the future of Equatorial Guinea’s energy industry and could help drive broader investment across Chevron’s portfolio in the country.

Chevron currently operates Block O and Block I, while also holding a non-operated interest in the Alba Production Sharing Contract (PSC) and the Alba Plant.

In 2024, the energy giant expanded its footprint in Equatorial Guinea after signing agreements with the government to add the EG-06 and EG-11 exploration blocks to its portfolio.

Industry observers say the Aseng Gas Monetization Project could reinforce Equatorial Guinea’s ambition to remain a key LNG exporter in Africa, especially as global demand for gas continues to shape the transition toward lower-emission energy sources.

If successfully implemented, the project is expected to strengthen existing infrastructure, extend the life of key gas assets, and position Equatorial Guinea for sustained relevance in the international energy market.