Chevron has taken a significant step toward expanding its footprint in Central Africa, announcing a Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea.
The decision, confirmed by Noble Energy EG Ltd., a Chevron subsidiary, comes after the execution of key commercial agreements and remains subject to final regulatory approvals.
According to Jim Swartz, Chairman and Managing Director for Chevron’s Nigeria and Mid-Africa region, the milestone follows a pivotal agreement signed in September 2025 with the Equatorial Guinean government. That deal established competitive fiscal and tax terms, clearing the path for the project’s advancement.
Swartz explained that the Aseng project will focus on developing gas resources from the Aseng Field using existing midstream infrastructure. The initiative is expected to play a crucial role in sustaining the country’s Liquefied Natural Gas (LNG) exports to global markets well into the mid-2030s.
Beyond immediate production gains, the project is also positioned to unlock further investment opportunities. These include additional development in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and exploration activities in blocks acquired by Chevron in 2024.
Chevron, which has operated in Equatorial Guinea for nearly 30 years, reaffirmed its long-term commitment to the country’s energy sector. Swartz emphasized the company’s intention to continue collaborating with government and industry partners to drive sustainable resource development.
Currently, Chevron operates Block O and Block I in Equatorial Guinea and holds a non-operated interest in the Alba Production Sharing Contract (PSC) and the Alba Plant. Its portfolio expanded in 2024 with the acquisition of exploration rights in the EG-06 and EG-11 blocks.
The Aseng Gas Monetization Project is widely seen as a strategic investment that could strengthen Equatorial Guinea’s position in the global LNG market while supporting broader economic growth in the region.