Chevron has taken the Final Investment Decision (FID) on the Aseng Gas Monetization Project in Equatorial Guinea. The decision follows the signing of key agreements and awaits final regulatory approvals. Noble Energy EG Ltd., a Chevron company, confirmed the move, which hinges on a September 2025 agreement with the government of Equatorial Guinea that secured competitive fiscal and tax terms for the project. The project will develop gas resources in the Aseng Field using existing midstream infrastructure and could extend Equatorial Guinea's Liquefied Natural Gas supply to global markets into the mid-2030s.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, said the FID enables further investments in the Chevron-operated Block O Alen Field, the cross-border Yoyo-Yolanda field, and exploration in blocks EG-06 and EG-11, acquired in 2024. Chevron has operated in Equatorial Guinea for nearly three decades and currently runs Block O and Block I, with non-operated interests in the Alba PSC and Alba Plant. Swartz emphasized Chevron's commitment to supporting Equatorial Guinea's energy sector development through the Aseng project and collaboration with partners.
Chevron's investment decision was secured only after a 2025 deal locked in favorable tax terms with Equatorial Guinea's government. Jim Swartz's emphasis on fiscal certainty reveals more about what drives Big Oil than national interest. For Nigeria, this underscores how protracted fiscal disputes deter similar commitments despite vast gas reserves. No such clarity exists in Nigeria's Petroleum Industry Act implementation.
