• Chevron has taken a final investment decision on the Aseng Gas Monetisation project.
• The project targets 550 billion cubic feet of gas with an estimated $690 million initial investment.
• Equatorial Guinea aims to revive its hydrocarbon sector as mature fields decline.

Chevron has approved a final investment decision (FID) for the Aseng Gas Monetisation project in Equatorial Guinea, marking a new phase in the development of its gas assets in the country.

The company announced the decision on April 1, according to multiple media reports citing a corporate statement. The move allows the project to proceed to the development phase of gas infrastructure.

Chevron had previously signed an agreement with Equatorial Guinea in 2025 to develop the Aseng gas project in Block I, with an initial investment estimated at around $690 million.

The project aims to develop and monetize approximately 550 billion cubic feet of natural gas identified in the offshore block.

The Aseng site, discovered in 2007, also contains estimated net crude oil resources of 40 million barrels, according to Offshore Technology.

Project stakeholders plan to transport the extracted gas to the processing and liquefaction facilities at the Alen field. Once processed, the gas will supply Punta Europa, the country’s liquefied natural gas (LNG) terminal.

Alongside the investment decision, project operators have begun awarding key contracts.

Subsea7 announced on April 1 that it had secured a contract valued between $150 million and $300 million from Noble Energy EG Ltd, a subsidiary of Chevron, for work on the Aseng project.

The contract covers the connection of the Aseng field to existing infrastructure at the Alen field. It includes the transport and installation of approximately 19 kilometers of rigid production pipelines and 20 kilometers of subsea cables.

The company will install the infrastructure at a depth of around 800 meters and will also construct associated subsea structures.

Subsea7 said it would launch engineering and project management activities immediately, with teams operating from Paris and supported by personnel in Lisbon and Equatorial Guinea.

Beyond the Aseng project, Equatorial Guinea has launched several initiatives to support its oil and gas sector amid declining output from mature fields.

The government has increased the role of public actors in ongoing projects. In February 2026, the national oil company GEPetrol raised its stake in the project from 5% to 32.55%, according to official sources.

In parallel, authorities are exploring financing mechanisms to attract capital and sustain hydrocarbon production.

In January 2026, the government said it was seeking new funding channels to maintain and expand oil and gas activities.

This strategy forms part of a broader effort to revitalize the sector. The Ministry of Hydrocarbons announced in September 2025 that Equatorial Guinea plans to launch a new oil licensing round in April 2026.

These initiatives come as several producing fields approach maturity, prompting authorities to accelerate investment and exploration efforts.

Abdel-Latif Boureima