Chevron signs Aseng gas agreement with Equatorial Guinea

Chevron and GEPetrol have signed a heads of agreement that will increase the state oil company’s participation in the Aseng gas project offshore Equatorial Guinea, marking a step toward expanding national involvement in strategic gas developments. 

Under the agreement, GEPetrol will raise its working interest in the Chevron-operated project from 5% to 32.55%, supported by a financing structure intended to accelerate development activities. The Aseng gas volumes are expected to support broader upstream and midstream projects tied to Equatorial Guinea’s gas monetization strategy, including supply to the Punta Europa processing and LNG complex.

The agreement also includes provisions for technical cooperation, capacity building and workforce development between Chevron and GEPetrol, aimed at strengthening local operational capabilities as development progresses.

Officials said the Aseng agreement is designed to improve utilization of existing gas infrastructure, reduce stranded gas risk and support future drilling and tie-back opportunities across Chevron-operated acreage. Gas from Aseng is expected to underpin additional projects within the country’s emerging Gas Mega Hub framework.

The Aseng project is being developed by Chevron alongside partners GEPetrol, Glencore and Gunvor.