Chevron Approves Aseng Gas Monetisation Project in Equatorial Guinea

Chevron has reached a final investment decision (FID) for the Aseng Gas Monetisation project in Equatorial Guinea. The company announced this decision on April 1, officially greenlighting the construction and installation of the critical infrastructure needed to extract, process, and transport gas from the Aseng field. This moves Chevron’s gas assets in the country into a full development phase.

Chevron had previously established an agreement with Equatorial Guinea in 2025 for the Aseng gas project in Block I, with an initial investment estimated at approximately $690 million. The project’s primary objective is to develop and monetize about 550 billion cubic feet of natural gas identified within the offshore block. The Aseng site, originally discovered in 2007, also contains estimated net crude oil resources of 40 million barrels, as noted by Offshore Technology.

The plan involves transporting the extracted gas to the processing and liquefaction facilities located at the Alen field. Once processed, this gas will then be supplied to Punta Europa, Equatorial Guinea’s liquefied natural gas (LNG) terminal.

Contract Awards Underway

Following the investment decision, project operators have started awarding key contracts. Subsea7 announced on April 1 that it secured a contract, valued between $150 million and $300 million, from Noble Energy EG Ltd, a Chevron subsidiary. This contract is for work on the Aseng project and specifically covers the connection of the Aseng field to existing infrastructure at the Alen field. The scope includes the transport and installation of roughly 19 kilometers of rigid production pipelines and 20 kilometers of subsea cables. Subsea7 will install this infrastructure at a depth of about 800 meters and will also construct associated subsea structures. The company stated that engineering and project management activities would begin immediately, with teams based in Paris, supported by personnel in Lisbon and Equatorial Guinea.

Equatorial Guinea’s Broader Sector Strategy

Beyond the Aseng project, Equatorial Guinea is pursuing several initiatives to bolster its oil and gas sector, particularly as output declines from mature fields. The government has increased the involvement of public entities in ongoing projects. For instance, in February 2026, the national oil company GEPetrol reportedly raised its stake in the project from 5% to 32.55%.

Concurrently, authorities are exploring various financing mechanisms to attract capital and ensure sustained hydrocarbon production. In January 2026, the government indicated it was seeking new funding channels to maintain and expand oil and gas activities. This strategy is part of a wider effort to revitalize the sector. The Ministry of Hydrocarbons also announced in September 2025 that Equatorial Guinea plans to launch a new oil licensing round in April 2026. These efforts are prompted by several producing fields nearing maturity, driving the need to accelerate investment and exploration.