• Equatorial Guinea signed a $690 million deal with Chevron to develop the Aseng gas project.

• The project comes as the country’s oil output has fallen to around 55,000–62,000 barrels per day in 2025, far below the 2010 peak.

• Gas from Aseng will supply Punta Europa’s LNG plant, part of the national strategy to boost exports.

Equatorial Guinea and Chevron, through its subsidiary Noble Energy, have signed an agreement to develop the gas associated with the Aseng oil field, located in Block I offshore. The investment, valued at $690 million, is aimed at boosting the country’s gas production.

The project comes at a time when national oil output has been declining. According to OPEC, crude production in 2025 has ranged between 55,000 and 62,000 barrels per day, a sharp drop from the historic peak of 241,000 barrels per day in 2010.

This fall has weighed heavily on public finances, as hydrocarbons accounted for more than 80% of government revenue in 2024, according to the World Bank. Gas is now seen as a vital alternative for Malabo.

“The Aseng gas project will ensure a reliable LNG supply to global markets while driving forward strategic developments such as the Punta Europa complex,” said Antonio Oburu Ondo, Equatorial Guinea’s Minister of Mines and Hydrocarbons, as reported by local media.

Authorities said Aseng gas will be connected to existing infrastructure at Punta Europa on Bioko Island. The complex, which includes a 3.7-million-ton-per-year liquefaction unit, has been operating below capacity due to insufficient supply. It has been fed by the Alen field since 2021.

Since the launch of the Gas Mega Hub in 2019, Equatorial Guinea has sought to centralize and liquefy its gas at Punta Europa. The country holds 39 billion cubic meters of proven reserves, according to the Gas Exporting Countries Forum (GECF), and has introduced fiscal reforms to attract new investment. Malabo is also preparing an oil and gas licensing round for 2026.