Chevron Greenlights Aseng Gas Monetization Project to Boost LNG Supply into 2030s

Chevron Corporation has taken a Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea, marking a significant step toward expanding the country’s liquefied natural gas (LNG) output and strengthening its position in global energy markets.

The decision, confirmed by Noble Energy EG Ltd., a Chevron subsidiary, follows the execution of key agreements with the Government of Equatorial Guinea and remains subject to final regulatory approvals.

According to Jim Swartz, Chairman and Managing Director for Chevron’s Nigeria and Mid-Africa region, the milestone builds on a September 2025 agreement that established competitive fiscal and tax terms for the project.

“The project leverages existing midstream infrastructure to develop gas resources in the Aseng Field and has the potential to sustain LNG supply from Equatorial Guinea to global markets well into the mid-2030s,” Swartz said.

The initiative is also expected to unlock further investment opportunities across Chevron’s regional portfolio, including the Block O Alen Field, the cross-border Yoyo-Yolanda field, and newly acquired exploration blocks.

Chevron, which has operated in Equatorial Guinea for nearly three decades, reaffirmed its commitment to supporting the country’s energy sector development. The company currently operates Block O and Block I and holds a non-operated interest in the Alba production-sharing contract and processing plant.

In 2024, Chevron expanded its footprint in the country by securing exploration rights for blocks EG-06 and EG-11, signaling continued long-term investment in the region.