Chevron Aseng Gas Monetization Project FID approved, advancing Equatorial Guinea gas development and supporting long-term LNG supply growth
Malabo, Equatorial Guinea, March 31, 2026: Chevron has taken a Final Investment Decision on the Aseng Gas Monetization Project in Equatorial Guinea through its subsidiary Noble Energy EG Ltd, marking a significant milestone in the company’s regional energy expansion strategy.
Also read: Zulum donates ₦150m in emotional tribute to soldiers
The Chevron Aseng Gas Monetization Project FID follows the execution of key agreements with the Government of Equatorial Guinea in September 2025 and remains subject to final regulatory approvals before full implementation.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, confirmed that the agreement was driven by competitive fiscal and tax terms agreed with the government, enabling the project to move forward decisively.
Swartz stated that the project involves the development of gas resources from the Aseng Field using existing midstream infrastructure, with the capacity to support Liquefied Natural Gas supply from Equatorial Guinea into global markets through the mid-2030s.
He described the development as a powerfully strategic step, noting that it also opens further investment opportunities in Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and newly acquired exploration blocks secured in 2024.
According to him, Chevron’s nearly three-decade presence in Equatorial Guinea reflects a long-term commitment to the country’s energy sector development and broader economic growth.
He added that the company looks forward to continued collaboration with partners involved in the Aseng project, which he described as critical to strengthening the nation’s gas production capacity and energy transition goals.
Chevron currently operates Block O and Block I, and holds a non-operated stake in the Alba PSC and Alba Plant, reinforcing its established footprint in the country’s upstream and midstream energy landscape.
In 2024, the company also expanded its portfolio through agreements to incorporate exploration blocks EG-06 and EG-11, further consolidating its presence in Equatorial Guinea.
Also read: Doctors strike at OOUTH after shocking assault on female house officer
The Aseng Gas Monetization Project is expected to play a key role in sustaining long-term LNG exports and enhancing regional energy stability as demand continues to evolve globally.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
