MALABO – Chevron has announced a Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea, marking a major milestone in the country’s drive to expand its gas sector and strengthen its long-term energy strategy.

The company, through its affiliate Noble Energy EG Ltd., disclosed on March 31, 2026, that the decision follows the execution of key commercial agreements, although it remains subject to final regulatory approvals.

Chairman and Managing Director of Chevron Nigeria and Mid-Africa, Jim Swartz, said the breakthrough builds on an agreement signed with the Equatorial Guinean government in September 2025, which provided competitive fiscal and tax terms to support the project.

He explained that the Aseng Gas Monetization Project is designed to develop gas resources from the Aseng Field using existing midstream infrastructure. The initiative is expected to play a strategic role in sustaining the country’s supply of liquefied natural gas (LNG) to global markets into the mid-2030s.

Swartz added that the project could unlock further upstream investments, including in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and exploration activities in blocks acquired by the company in 2024.

“The project also enables further investments across our portfolio and supports continued exploration in Equatorial Guinea,” he said.

Chevron noted that the investment decision reflects its long-term confidence in the country’s energy sector and underscores its commitment to helping maximise the value of its natural gas resources.

With nearly three decades of operations in Equatorial Guinea, the company said it remains focused on deepening collaboration with the government and its partners to advance energy development and strengthen the country’s position in the global gas market.

Currently, Chevron operates Block O and Block I, and also holds a non-operated interest in the Alba Production Sharing Contract (PSC) and the Alba Plant. In 2024, it expanded its footprint in the country after securing the EG-06 and EG-11 exploration blocks.

Industry analysts say the Aseng Gas Monetization Project could reinforce Equatorial Guinea’s ambition to remain a leading LNG exporter in Africa, especially amid rising global demand for gas as part of the transition to lower-emission energy sources.

If fully implemented, the project is expected to enhance existing infrastructure, extend the lifespan of key gas assets, and position the country for sustained relevance in the international energy market.