Chevron, in collaboration with Equatorial Guinea's Ministry of Hydrocarbons and Mining Development, has established a heads of agreement (HoA) to facilitate financing of GEPetrol's participation in the Aseng gas project.
The deep-water gas project is located in Block I in Equatorial Guinea.
The agreement increases GEPetrol's interest in the project from 5% to 32.55%, enhancing the national stake in exploiting the country's natural resources.
It establishes a framework for innovative financing and aims to bolster state participation in significant projects, laying the groundwork for accelerated development within the nation's Gas Mega Hub.
The HoA is expected to support both upstream and downstream developments as part of the Extended Gas Mega Hub initiative by securing gas volumes from Aseng, according to the African Energy Chamber (AEC).
These include projects like Alen Tail and Yoyo-Yolanda, and drilling activities in Chevron-operated blocks, as well as potential cross-border gas flows via Gulf of Guinea pipelines.
The agreement is designed to enhance gas supply to the Punta Europa complex, optimising the use of existing liquefied natural gas infrastructure and improving cost efficiency and competitiveness as a regional gas monetisation hub.
Equatorial Guinea Minister of Hydrocarbons and Mining Development Antonio Oburu Ondo said: “This agreement represents a strategic step forward for our energy sector, enhancing national participation and opening the door for further projects that will drive industrial development, create jobs and strengthen energy security for our country and the region.”
The signing ceremony at Malabo's People’s Palace saw participation from government officials, Chevron executives and the US Ambassador. This follows negotiations that began after a 2025 visit to the US by Equatorial Guinea’s Vice-President, Teodoro Nguema Obiang Mangue.
The Aseng project comprises Chevron, which operates the field, and partners GEPetrol, Glencore and Gunvor.
The conventional oilfield has extracted 94.36% of the recoverable reserves so far, with peak production in 2012.
According to economic projections, operations are expected to continue until the field becomes economically unviable in 2027.
