U.S.-headquartered energy giant Chevron has taken a final investment decision (FID) for a gas monetization project off the coast of Equatorial Guinea. Noble Energy EG, a Chevron company, has tasked Luxembourg-domiciled Subsea7 with the subsea installation scope for the project.
Chevron has taken the final investment decision on the Aseng gas monetization project in Equatorial Guinea, following the execution of relevant agreements, pending final regulatory approvals.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, explained that the agreements and FID were made possible by the signing of a deal in September 2025 with the government of Equatorial Guinea, confirming the competitive fiscal and tax terms to enable the project.
Swartz elaborated that the project scope encompasses developing gas resources in the Aseng field through existing midstream infrastructure and has the potential to sustain the supply of liquefied natural gas (LNG) from Equatorial Guinea to global markets into the mid-2030s.
Chevron currently operates Block O and Block I and holds a non-operated interest in the Alba PSC and Alba plant. The company signed agreements with the government of Equatorial Guinea in 2024 to incorporate exploration blocks EG-06 and EG-11 into its portfolio in the country.The project also enables further investments in the Chevron-operated Block O Alen field, the cross-border Yoyo-Yolanda field, and exploration activities in the blocks acquired by Chevron in 2024,” added Swartz.