• Equatorial Guinea increased GEPetrol’s stake from 5% to 32.55% in the Aseng Gas project.
• Chevron committed to finance the increase while retaining its role as project operator.
• The project supports a $690 million gas development plan linked to existing LNG infrastructure.

Equatorial Guinea and U.S. oil major Chevron signed an agreement covering the Aseng Gas project that provides for an increase in the participation of state-owned oil company GEPetrol. According to information published on Friday, January 30, by state media outlet Guinea Ecuatorial Press, GEPetrol will raise its stake to 32.55% from 5%.

The transaction strengthens the state company’s position in the exploitation of associated gas from the Aseng field, which already remains in production. The agreement signed in Malabo between representatives of the Equatoguinean government and Chevron stated that Chevron will finance the increase in GEPetrol’s participation. Authorities announced no change to Chevron’s role as operator.

According to the Equatorial Guinea Ministry of Mines and Hydrocarbons, the gas produced under the Aseng Gas project will feed into the country’s existing gas infrastructure.

The agreement forms part of broader initiatives to develop national gas resources, which the Gas Exporting Countries Forum (GECF) estimates at 39 billion cubic meters of proven reserves. Antonio Oburu Ondo, Equatorial Guinea’s minister of mines and hydrocarbons, said Aseng Gas “will pave the way for other gas projects in the country and ensure gas supply for decades to come.”

Gas Development Backed by Financial Commitments

In September 2025, Ecofin Agency reported that the Equatorial Guinea government and Chevron announced an agreement valued at about $690 million to develop gas associated with the Aseng oil field, located in the country’s offshore Block I. The agreement aims to finance gas processing facilities and supply existing liquefied natural gas (LNG) infrastructure at Punta Europa.

In a statement released at the time of signing, Equatoguinean authorities said Chevron would provide the financing as project operator, without any change to its role as lead operator.

Meanwhile, in January 2026, the Ministry of Mines and Hydrocarbons said the government sought external financing to support national oil and gas production. The government said it opened discussions with several international trading houses to raise about $300 million through pre-financing agreements backed by future deliveries of crude oil and LNG.

According to details reported by several international media outlets, the funds aim to maintain and boost oil and gas production capacity, which has declined over the past decade.

Abdel-Latif Boureima