Chairman and Managing Director of Chevron Nigeria Limited, Jim Swartz
Noble Energy EG Limited (a Chevron company) confirms that Chevron has taken Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea.
The FID follows the execution of relevant agreements and is pending final regulatory approvals.
Speaking on the FID on Tuesday, the Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, Jim Swartz, noted that the agreements and FID were made possible by a deal signed in September 2025 with the government of Equatorial Guinea, which confirmed the competitive fiscal and tax terms to enable the Project.
Swartz explained that the project scope includes developing gas resources in the Aseng Field, EG, through existing midstream infrastructure and has the potential to sustain the supply of Liquefied Natural Gas from Equatorial Guinea to global markets 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 the blocks acquired by Chevron in 2024,” he said in a statement issued by the company’s Chief Corporate Affairs Officer, Olusoga Oduselu.
GTCO declares N12.76 dividend, posts N1.23trn profit in 2025
Swartz noted that with a presence of nearly three decades in Equatorial Guinea, Chevron is committed to supporting the country in developing its energy resources and looks forward to working together with its partners in the Aseng project, which the company said is critical to supporting the development of Equatorial Guinea’s energy sector.
Chevron currently operates Block O and Block I and holds a non-operated interest in the Alba PSC and Alba Plant.
In 2024, Chevron signed agreements with the government of Equatorial Guinea to incorporate exploration blocks EG-06 and EG-11 into its portfolio in the Central African country.
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