Chevron, Equatorial Guinea sign agreement for Aseng Gas Monetization Project

Chevron’s subsidiary, Noble Energy EG Ltd., and its co-venturers have signed definitive agreements with the government of Equatorial Guinea for the Aseng Gas Monetization Project, marking a major step toward the project’s final approval and implementation.

The agreement, signed in Malabo on March 24, 2026, follows the September 2025 deal in which the government approved competitive fiscal and tax terms to support the project’s commercial viability.

Jim Swartz, Chairman and Managing Director of Chevron Nigeria and the Mid-Africa region, said the signing represents a critical milestone in harnessing Equatorial Guinea’s gas resources.

He explained that the project aims to develop gas from the Aseng Field through existing midstream infrastructure, sustaining Liquefied Natural Gas exports from the country into the mid-2030s.

Swartz added that the project would also support further investments in Chevron-operated Block O’s Alen Field, the cross-border Yoyo-Yolanda field, and exploration in blocks acquired by the company in 2024.

“With nearly three decades of presence in Equatorial Guinea, Chevron remains committed to supporting the country’s energy ambitions,” he said.

“We look forward to collaborating with partners on the Aseng Project, which is pivotal to advancing the nation’s energy sector.”

Chevron currently operates Block O and Block I, while holding non-operated interests in the Alba PSC and Alba Plant.

In 2024, the company expanded its portfolio in the country with exploration blocks EG-06 and EG-11.

The agreements signed are subject to required approvals before the project can proceed to full execution.

The statement was signed by Olusoga Oduselu, Chief Corporate Affairs Officer, Chevron Nigeria and Mid-Africa Region.