Chevron, parties sign agreement for Aseng Gas Monetization Project

Noble Energy EG Ltd. (a Chevron company), with its co-venturers and the Government of Equatorial Guinea, has signed agreements for the Aseng Gas Monetisation Project.

The execution of the agreements is subject to relevant approvals and is a critical milestone towards the approval and implementation of the project.

Speaking on the agreement, Jim Swartz, Chairman and Managing Director, Chevron Nigeria and Mid-Africa region, noted that the milestone was made possible by the signing of a deal in September 2025 with the Government of Equatorial Guinea, confirming the competitive fiscal and tax terms to enable the project.

He explained that the project scope includes developing gas resources in the Aseng Field, Equatorial Guinea, 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 added.

Jim 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 on the Aseng project, which 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 Equatorial Guinea.