Chevron backs Aseng gas project to extend Equatorial Guinea LNG exports

Chevron (NYSE:CVX) has approved the Aseng Gas Monetisation Project in Equatorial Guinea, advancing a development aimed at sustaining the country’s LNG exports into the mid-2030s, subject to final regulatory approval, Chevron has announced.

The decision marks a further step in Equatorial Guinea’s efforts to extend the lifespan of its gas export industry, as maturing fields and ageing infrastructure place increasing pressure on future supply.

Chevron said its subsidiary, Noble Energy EG Ltd., took the final investment decision after signing agreements with the government that establish a clearer commercial framework for the project.

The development will utilise gas from the Aseng Field and connect new production to existing infrastructure. The approach is expected to contain development costs and reduce the time required to bring volumes to market, while limiting the need for significant new midstream investment.

The project builds on agreements reached in September 2025, when Chevron and the government finalised fiscal and tax terms designed to support the project’s economics. With that framework in place, the company is proceeding with a development it considers a key contributor to Equatorial Guinea’s LNG supply over the coming decade.

Chevron indicated the investment could also support broader upstream activity in the country. The company said the project may create momentum for further work in Block O’s Alen Field, the cross-border Yoyo-Yolanda field and additional exploration acreage. Its position was strengthened in 2024 with the addition of blocks EG-06 and EG-11 to its portfolio.

The move reflects Chevron’s long-standing presence in Equatorial Guinea, where it has operated for nearly 30 years. The company operates Block O and Block I and holds a non-operated interest in the Alba production-sharing contract and the Alba plant.

For Equatorial Guinea, the project forms part of efforts to maximise value from existing gas reserves and extend the operational life of its LNG infrastructure, pending final regulatory approval.