KEY POINTS
- Equatorial Guinea signed a $690 million deal with Chevron to develop the Aseng Gas Project, feeding the Punta Europa LNG hub and powering domestic needs.
- The project marks the third phase of the country’s Gas Mega Hub strategy, designed to monetize stranded gas across the Gulf of Guinea.
- Ongoing legal and regulatory reforms aim to boost investor confidence ahead of the 2026 licensing round, reinforcing the country’s role as an African LNG leader.
Equatorial Guinea has signed a landmark agreement with US energy major Chevron to kickstart the Aseng Gas Project, a $690 million development aimed at securing feedstock for the country’s LNG exports while powering domestic growth.
The deal, inked between the Ministry of Hydrocarbons and Mining Development, the Ministry of Finance and Chevron, is central to the government’s push to transform the nation into a regional hub for natural gas.
Gas from the Aseng field, located in Block I, will feed directly into the Punta Europa Gas Complex—Equatorial Guinea’s flagship industrial facility—while also supplying domestic power generation.
Gas Mega Hub Strategy Gains Momentum with Chevron’s Entry
Officials say the agreement is not just another project milestone but a decisive step in advancing the Gas Mega Hub (GMH), Equatorial Guinea’s ambitious strategy to monetize gas resources across the Gulf of Guinea.
The Aseng development marks the third phase of the hub, ensuring reliable supply to midstream facilities while reinforcing the country’s role as a linchpin in Africa’s LNG future.
“The Aseng Gas Project will provide a reliable supply of LNG to global markets while serving as a catalyst for advancing strategic developments such as the Punta Europa complex,” Hydrocarbons Minister Antonio Oburu Ondo said. “It will enhance energy security, support clean cooking initiatives, and drive economic growth through a sustainable energy supply.”
The GMH, launched to aggregate stranded and associated gas across the region, has already integrated volumes from the Alen Field and other offshore assets. By tying Aseng into existing infrastructure, Equatorial Guinea is reducing waste, cutting flaring, and turning underutilized resources into both export revenues and industrial capacity. Chevron’s involvement strengthens the hub’s credibility with global investors, positioning the country at the center of Africa’s gas map.
