Chevron signs HoA with Equatorial Guinea, GEPetrol increases Aseng gas project stake

Chevron and the Ministry of Hydrocarbons and Mining Development of the Republic of Equatorial Guinea signed a heads of agreement (HoA) for financing of state-owned GEPetrol’s participation in the Aseng Gas Project in Block I.

Under terms of the agreement, GEPetrol increases its stake in the project to 32.55% from 5%. The Aseng project is being developed by Chevron alongside GEPetrol, Glencore, and Gunvor. 

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.

The agreement secures long-term gas supply to the Punta Europa complex, maximizing the use of existing LNG and processing infrastructure.