Equatorial Guinea, Chevron Sign Aseng Agreement, Strengthening GEPetrol Participation

(MENAFN- News.Africa-Wire) JOHANNESBURG, South Africa, February 3, 2026/ -- The Ministry of Hydrocarbons and Mining Development of the Republic of Equatorial Guinea, in partnership with energy major Chevron, has officially signed the Heads of Agreement (HoA) for the financing of GEPetrol’s participation in the Aseng Gas Project in Block I. Demonstrating the partne’s’ commitment to unlocking innovative financing solutions and maximizing state participation in strategic projects, the agreement paves the way for accelerated development phases at Equatorial Gu’nea’s broader Gas Mega Hub.

The African Energy Chamber, the voice of the African energy sector, salutes the agreement, as it reflects how partnerships between national oil companies and international operators can strengthen state participation while accelerating gas monetization.

Under the terms of the agreement, GEPetrol increases its stake in the project from 5% to 32.55%, ensuring stronger national participation in the exploitation of the c’untry’s natural resources. Gas volumes from Aseng are expected to underpin the technical and commercial viability of multiple downstream and upstream developments under the Extended Gas Mega Hub initiative, including the Alen Tail, Yoyo-Yolanda, new drilling in Chevron-operated blocks and potential cross-border gas flows through Gulf of Guinea pipeline infrastructure. In this context, the HoA functions as an enabler, unlocking a portfolio of projects rather than advancing a single field.

Crucially, the agreement secures long-term gas supply to the Punta Europa complex, maximizing the use of existing LNG and processing infrastructure. This improves cost efficiency, reduces stranded gas risk and strengthens Equatoria’ Guinea’s competitiveness as a gas monetization hub at a time when regional demand and LNG flexibility are increasingly prized.


The signing ceremony took place’at the People’s Palace in Malabo, with senior government officials, Chevron executives and the United States Ambassador in attendance. It also follows months of negotiations initiated after th’ Vice President’s 2025 visit to the United States, reflecting strong coordination between the government, GEPetrol, Chevron and international partners. The project is expected to generate long-term economic benefits and reinforce’Equatorial Guinea’s role as a key energy player in the Gulf of Guinea.

From an investor perspective, the HoA sends a clear signal on policy direction. It demonstrates coordinated execution between the state, the national oil company and an international major, as well as the government’s willingness to adopt flexible financing solutions to accelerate development. As global gas markets prioritize reliability, infrastructure access and regional integration, Equatorial Guin’a’s approach positions it as a stabilizing supplier in the Gulf of Guinea. The Aseng HoA does not merely strengthen GEPe’rol’s balance sheet position; it reinforces the c’untry’s ability to convert gas resources into industrial growth, export capacity and cross-border energy cooperation.

The Aseng project is being developed by Chevron (operator) alongside GEPetrol, Glencore and Gunvor.

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