SUBSCRIBE
PROFILE

Chevron invests $690 million to revive offshore gas in Equatorial Guinea

Chevron has signed a $690 million agreement with Equatorial Guinea to develop gas from the Aseng field, amid a long-term decline in national oil production and a search for new economic drivers.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

US company Chevron, through its subsidiary Noble Energy, has reached an agreement with the government of Equatorial Guinea to invest $690 million in developing the associated gas of the Aseng field, located in offshore Block I. The initiative aims to boost the country’s gas production capacity, as most of the field’s recoverable resources have already been extracted, according to GlobalData.

Chevron had considered exiting the project as early as 2022, amid declining output volumes. The decision to reinvest now aligns with a broader national strategy following the launch of the Gas Mega Hub programme in 2019. This infrastructure project aims to centralise the collection, processing and liquefaction of natural gas for export.

Punta Europa complex central to strategy

Gas extracted from the Aseng field will be connected to existing infrastructure at the Punta Europa gas complex, located on Bioko Island. The facility includes a liquefaction unit with an annual capacity of 3.7 million tonnes, which has operated below capacity since its commissioning. It has been supplied by the Alen field since 2021.

Minister of Mines and Hydrocarbons Antonio Oburu Ondo stated that the project would help secure reliable liquefied natural gas (LNG) exports to international markets. Gas is viewed by the authorities as an economic lever to offset the long-standing decline in the country’s oil production.

Pressure mounts on oil revenues

Equatorial Guinea’s oil production has steadily declined, reaching between 55,000 and 62,000 barrels per day in 2025, down from a peak of 241,000 barrels per day in 2010, according to the Organization of the Petroleum Exporting Countries (OPEC). This drop has weighed heavily on public finances, with over 80% of government revenues still coming from hydrocarbons in 2024, according to the World Bank.

With proven reserves estimated at 39 billion cubic metres according to the Gas Exporting Countries Forum (GECF), the country is seeking to attract new investors. Fiscal reforms are underway, and a new oil and gas licensing round is scheduled for 2026.

  • Popular on energynews.pro
G7 launches over 20 projects to counter Chinese influence on critical minerals
ACWA Power signs $10bn in energy and financing deals at FII9
Washington invests $100mn to modernise coal plants as exports drop 11%
China cancels VAT rebate and reshapes the global solar market
CNAT requests a three-year extension for Almaraz I and II
Le TAP augmente ses nominations de gaz aux interconnexions européennes clés
Les nominations du Trans Adriatic Pipeline progressent à Melendugno, Nea Mesimvria et Komotini, signalant davantage d’offre pipeline et une flexibilité accrue pour les expéditeurs face aux arbitrages avec le gaz naturel liquéfié.
Iran aims for 90% flare gas capture by 2027
Iran deploys 12 contracts and plans 18 more to recover 300 MMcf/d, inject 200 MMcf/d into the network, and deliver 800,000 tons/year of LPG, with an announced reduction of 30,000 tons/day of emissions.
Qatar threatens to suspend LNG exports to Europe over CSDDD directive
Qatar warns it could halt its liquefied natural gas (LNG) deliveries to the European Union if the CSDDD directive is not softened, a move that reignites tensions surrounding Brussels' new sustainability regulations.
Oman LNG renews its two-decade industrial partnership with Baker Hughes
Oman LNG has renewed its long-term services agreement with Baker Hughes, including the creation of a local digital center dedicated to monitoring natural gas liquefaction production equipment.
Eni and PETRONAS Create an ASEAN Upstream NewCo, $15B in Investments
The joint venture combines 19 assets (14 in Indonesia, 5 in Malaysia), aims for 300 kboe/d initially and >500 kboe/d, and focuses investments on gas to supply Bontang and the Malaysia LNG complex in Bintulu.
QatarEnergy awards EPC contract for 4.1 MTPA CCS project
QatarEnergy has awarded Samsung C&T Corporation an EPC contract for a 4.1 MTPA carbon capture project, supporting its expansion into low-carbon energy at Ras Laffan.
EU bans Russian LNG, Arctic bottlenecks and clauses under strain
The gradual ban on Russian cargoes reshapes European flows, increases winter detours via the Northern Sea Route and shifts risk toward force majeure and “change of law,” despite rising global capacity. —
Poland: Orlen Consolidates Gas, Targets Regional Hub Without Liberalization
Poland’s gas market remains highly concentrated around Orlen, which controls imports, production, and distribution, while Warsaw targets internal and regional expansion backed by new infrastructure capacity and demand from heat and power.
SLB OneSubsea secures two EPC contracts for deepwater projects in Malaysia
SLB OneSubsea has signed two EPC contracts with PTTEP to equip multiple deepwater gas and oil fields offshore Malaysia, extending a two-decade collaboration between the companies.
CPV secures $1.1bn funding for 1,350 MW gas-fired power plant in Texas
US-based CPV will build a 1,350 MW combined-cycle natural gas power plant in the Permian Basin with a $1.1bn loan from the Texas Energy Fund.
Appalachia ramps up production: TETCO M2 basis firms, MVP advances
Producers bring volumes back after targeted reductions, taking advantage of a less discounted basis, expanding outbound capacity and rising seasonal demand, while liquefied natural gas (LNG) exports absorb surplus and support regional differentials.
Matador secures transport for 500,000 MMBtu/d of natural gas to the Gulf Coast
Matador Resources signs multiple strategic transportation agreements to reduce exposure to the Waha Hub and access Gulf Coast and California markets.
Boardwalk launches key phase of its Texas Gateway gas project at 1.45mn Dth/d
Boardwalk Pipelines initiates a subscription campaign for its Texas Gateway project, aiming to transport 1.45mn Dth/d of natural gas to Louisiana in response to growing energy sector demand along the Gulf Coast.
Global X launches natural gas ETF to capture US export growth
US-based asset manager Global X has unveiled a new index fund focused on the natural gas value chain, capitalising on the growing momentum of liquified natural gas exports.
Amplify Energy sells Texas assets for $127.5mn to reduce debt
US producer Amplify Energy has announced the full sale of its East Texas interests for a total of $127.5mn, aiming to simplify its portfolio and strengthen its financial structure.
Maple Creek accelerates 640 MW gas project with GE Vernova turbine
Maple Creek Energy has secured the purchase of a GE Vernova 7HA.03 turbine for its gas-fired power plant project in Indiana, shortening construction timelines with commercial operation targeted for 2029.
Talen Energy completes $2.69bn bond financing for two gas-fired power plants
Talen Energy has finalised a $2.69bn bond financing to support the purchase of two natural gas-fired power plants with a combined capacity of nearly 2,900 MW.
Excelerate Energy to build Iraq’s first floating LNG terminal in $450 mn deal
Excelerate Energy has signed a definitive agreement with Iraq’s Ministry of Electricity to develop a floating liquefied natural gas import terminal at Khor Al Zubair, with a projected investment of $450 mn.
Turkey locks in 19 Bcma of LNG, Moscow and Tehran under pressure
Botaş lines up a series of liquefied natural gas (LNG, liquefied natural gas) contracts that narrow the space for Russian and Iranian flows, as domestic production and import capacity strengthen its bargaining position. —
LNG wave: 300 bcm by 2030, prices and contracts pivot according to the IEA
A record expansion of liquefied natural gas (LNG, gaz naturel liquéfié — GNL) capacity is reshaping global supply, with expected effects on prices, contractual flexibility and demand trajectories in importing regions.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.