By Eseoghene Emuke
Chevron, through its subsidiary Noble Energy EG Ltd., has signed key agreements with the Government of Equatorial Guinea and co-venturers for the Aseng Gas Monetisation Project.
The agreement, which is subject to regulatory approvals, marks a major step towards the execution of the project, a statement issued on Tuesday by Chief Corporate Affairs Officer, Chevron Nigeria and Mid-Africa Region, Mr. Olusoga Oduselu, said.
Speaking on the development, Chairman and Managing Director, Chevron Nigeria and Mid-Africa, Jim Swartz, said the milestone followed an earlier deal reached in September 2025 with the Equatorial Guinea government.
He noted that the agreement confirmed “competitive fiscal and tax terms” required to drive the project.
“The project scope includes developing gas resources in the Aseng Field through existing midstream infrastructure and has the potential to sustain Liquefied Natural Gas supply from Equatorial Guinea to global markets into the mid-2030s,” Swartz said.
He added that the development would also unlock further investments in key assets, including the Chevron-operated Block O Alen Field and the cross-border Yoyo-Yolanda field.
“The project also enables further investments in our existing assets and supports exploration activities in newly acquired blocks,” he said.
Swartz reaffirmed Chevron’s long-standing commitment to Equatorial Guinea, where the company has operated for nearly three decades.
“We are committed to supporting the country in developing its energy resources and look forward to working with our partners on this important project,” he added.
Chevron currently operates Block O and Block I in the country and holds interests in the Alba Production Sharing Contract and Alba Plant.
In 2024, the company also expanded its footprint by acquiring exploration blocks EG-06 and EG-11 as part of its growing portfolio in the country.
