SEATTLE (Oil Monster): Chevron formally approved a final investment decision (FID) for the Aseng Gas Monetisation project in Equatorial Guinea on April 1, 2026, according to a company communication relayed by several media outlets. The decision clears the way for infrastructure development works in offshore Block I. An initial investment of approximately $690 million had been cited when Chevron and Equatoguinean authorities concluded an agreement in September 2025. Mobilizing gas resources has become a strategic priority for several African producers, as illustrated by Senegal and Nigeria's recently strengthened cooperation in the sector.
550 billion cubic feet of natural gas to be monetized
The project targets the monetization of approximately 550 billion cubic feet of natural gas identified in the offshore Block I perimeter. The field, discovered in 2007, also hosts net crude oil resources estimated at 40 million barrels, according to Offshore Technology. The extracted gas is intended to be routed to the Alen field liquefaction facilities before supplying Punta Europa, the country's liquefied natural gas (LNG) terminal. The remobilization of underutilized gas fields is a trend observed in other producing regions, as shown by Israel's restart of the Leviathan gas field.
Alongside the FID, subsea services provider Subsea7 announced it had been awarded a contract valued between $150 million and $300 million from Noble Energy EG Ltd, a Chevron subsidiary. The contract covers the connection of the Aseng field to existing Alen field infrastructure. It includes the transport and installation of approximately 19 kilometers of rigid production pipelines and 20 kilometers of submarine cables at a depth of approximately 800 meters. The construction of associated subsea structures is also included in the contract scope.
Engineering managed from Paris, with Lisbon support
Engineering and project management activities are set to begin immediately, according to Subsea7. They will be managed from the company's Paris office, with support from teams in Lisbon and Equatorial Guinea. The contract underscores the scale of subsea infrastructure investment required to connect Block I gas assets to existing liquefaction terminals.
State-owned GEPetrol has also increased its stake in the Aseng project, rising from 5% to 32.55%, according to information published by the Equatoguinean government in February 2026. This repositioning reflects authorities' drive to boost public-sector involvement in national oil and gas projects. In January 2026, the government indicated it was exploring mechanisms to attract capital to maintain and develop its activities in the sector.
The Ministry of Hydrocarbons announced in September 2025 the launch of a new petroleum licensing round for April 2026. These initiatives come against a backdrop of declining output at several of the country's mature producing fields. Equatorial Guinea is thus seeking to revitalize hydrocarbon production as its major reservoirs continue to age.
Courtesy: www.energynews.pro
