Global energy giant Chevron has taken a Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea, marking a significant step toward boosting liquefied natural gas (LNG) supply from the country.
The announcement was made by Noble Energy EG Ltd., a Chevron company, following the execution of key agreements, with final regulatory approvals still pending.
Commenting on the development, Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, said the milestone was enabled by a 2025 agreement with the Equatorial Guinean government, which established competitive fiscal and tax terms for the project.
According to Swartz, the 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 LNG exports from Equatorial Guinea to global markets well into the mid-2030s.
“The project also enables further investments in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and exploration activities in blocks acquired in 2024,” he added.
Chevron, which has maintained operations in Equatorial Guinea for nearly three decades, reaffirmed its commitment to supporting the country’s energy sector development through strategic partnerships and continued investment.
The company currently operates Block O and Block I, and also holds a non-operated interest in the Alba Production Sharing Contract (PSC) and the Alba Plant. In 2024, Chevron expanded its footprint in the country by acquiring exploration blocks EG-06 and EG-11.
The Aseng Gas Monetization Project is expected to strengthen Equatorial Guinea’s position in the global LNG market while driving further upstream and midstream development across the region.
