Chevron Gives Green Light to Aseng Gas Project in Equatorial Guinea, Securing LNG Supply into the 2030s

MALABO, Equatorial Guinea – March 31, 2026 – Noble Energy EG Ltd., a subsidiary of Chevron, has announced that Chevron has taken the Final Investment Decision (FID) to move forward with the Aseng Gas Monetization Project in Equatorial Guinea.

The decision follows the signing of key agreements and is pending final regulatory approvals.

Jim Swartz, Chairman and Managing Director for Chevron Nigeria and the Mid-Africa region, attributed the milestone to a September 2025 deal with Equatorial Guinea’s government, which established competitive fiscal and tax terms crucial for the project’s advancement.

The initiative will focus on developing gas resources in the Aseng Field utilizing existing midstream infrastructure. According to Chevron, the project is expected to help sustain the country’s liquefied natural gas (LNG) supply to global markets until the mid-2030s.

Beyond the Aseng development, Swartz noted that the project paves the way for additional investments, including Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and exploration activities on blocks acquired by the company in 2024.

With nearly 30 years of operations in Equatorial Guinea, Chevron reaffirmed its commitment to supporting the nation’s energy development. Swartz emphasized the company’s intention to collaborate closely with partners on the Aseng project, calling it critical to the future of the country’s energy sector.

Chevron currently operates Block O and Block I in Equatorial Guinea and holds a non-operated interest in the Alba Production Sharing Contract (PSC) and Alba Plant. In 2024, the company expanded its footprint by signing agreements to incorporate exploration blocks EG-06 and EG-11 into its local portfolio.

Contact:
Olusoga Oduselu
Chief Corporate Affairs Officer
Chevron Nigeria and Mid-Africa Region